Question: Jennifer Brent Corporation owns equipment that cost 80 000 and
Jennifer Brent Corporation 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.
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