What will be all relevent journal entries for both leases

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Reference no: EM132735181

Lily pan enterprises entered into two year lease agreements for 5 years on jan1 2020. both leases require a payment of 15000 per year at the end of each year. lease 1 is structured as an operating lease while lease 2 is structured as a capital lease with an implicit interest rate at 5%.

Problem 1: What will be all relevent journal entries for both leases on

a. the day of signing the lease contract
b. the day of first lease payment
c. What is the journal entry to record Lease 2 on the day of signing the lease?

Reference no: EM132735181

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