Jennifer Brent Corporation owns equipment that cost 80,000 and has a useful life of 8 years with

Question:

Jennifer Brent owns equipment that cost €80,000 and has a useful life of 8 years with no residual value. On January 1, 2011, Jennifer Brent leases the equipment to Lopez Inc. for one year with one rental payment of €15,000 on January 1. Prepare Jennifer Brent Corporation’s 2011 journal entries.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...