On 1/1/Y1 Day Corp. entered into a 10 year lease agreement with Ward, Inc. for industrial equipment.
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Question:
On 1/1/Y1 Day Corp. entered into a 10 year lease agreement with Ward, Inc. for industrial equipment. Annual lease payment of $10,000 are
The present value of an ordinary annuity at | ||
8% for 10 years is 6.7101 | ||
12% for 10 years is 5.6502 | ||
The present value of $1 at | ||
8% for 10 years is 0.4632 | ||
12% for 10 years is 0.3220 |
Prepare the 12/31/Y1 JE on Day’s books to record the first annual lease payment
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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