Logan Electronics signed a lease to use a machine for five years. The annual lease payment is
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Logan Electronics signed a lease to use a machine for five years. The annual lease payment is $14,200 payable at the end of each year.
1. Record the lease, assuming that the lease should be accounted for as a capital lease and the applicable interest rate is 12%. (Round to the nearest dollar.)
2. For the initial year, record the annual lease payment.
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1 Leased Machine 51188 Lease Liability 51188 Leased a machine for 14200 for fiv...View the full answer
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Related Book For 
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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