Use the information for Merrill Corporation from BE206. Assume that a residual value of $17,000 is expected

Question:

Use the information for Merrill from BE20–6. Assume that a residual value of $17,000 is expected at the end of the lease, but that Merrill does not guarantee the residual value. Prepare Merrill’s September 13, 2011 journal entries, assuming an interest rate of 9% and that Merrill also uses private enterprise GAAP. 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...