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What journal entry would walker prepare on january

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Question - On January 1, 20X1, Walker, Inc., signs a 5-year lease for two floors of a 20-floor building. The building has an expected remaining life of 20 years. The space is available immediately, and Walker agrees to make annual payments of $325,000 on December 31 of each year. The lease contains no renewal or purchase options. The implicit rate in the lease is 7%.

Required -

1. What journal entry would Walker prepare on January 1, 20X1?

2. Compute and label the amounts that would be shown on Walker's income statement, balance sheet, and statement of cash flows for the year ended December 31. 20X1.

Reference no: EM133172938

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