Use the information for Lai Corporation from BE2011. Assume that the direct financing lease was recorded at

Question:

Use the information for Lai from BE20–11. Assume that the direct financing lease was recorded at a present value of $175,000. Prepare Lai’s December 31, 2011 entry to record interest.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...