On 1/3/2023, Klander sold a machine with book value of $116,000 to Morales for $134,000 and leased

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On 1/3/2023, Klander sold a machine with book value of $116,000 to Morales for $134,000 and leased it back. Lease term is 3 years. Useful life is 5 years. Lease requires $30,000 annual payments on December 31. Implicit interest rate is 6%. A third party guarantees the $50,000 residual value. Give Klander 1/3/2023 entries. Present value work

Posted Date: May 18, 2024 05:08 AM

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On 1/3/2023, Klander sold a machine with book value of $116,000 to Morales for $134,000 and leased

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