Question: Use the information for Merrill Corporation from BE20 6 Assume that
Use the information for Merrill Corporation 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.
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