Brent Corporation owns equipment that cost $80,000 and has a useful life of 8 years with no

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Brent Corporation owns equipment that cost $80,000 and has a useful life of 8 years with no salvage value. On January 1, 2025, Brent leases the equipment to Havaci Inc. for one year for one rental payment of $15,000 on January 1. Assuming Havaci (lessee) elects to use the short-term lease exception, prepare Havaci’s 2025 journal entries.

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Intermediate Accounting

ISBN: 9781119790976

18th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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