Question: On January 2 2011 Sylvester Metals Co leased a mining

On January 2, 2011, Sylvester Metals Co. leased a mining machine from EDH Leasing Corp. The lease qualifies as an operating lease. The annual payments are $4,000 paid at the end of each year, and the life of the lease is 10 years. What entry would Sylvester make when the machine is delivered by EDH?
d. No entry is necessary.

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  • CreatedSeptember 22, 2015
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