On January 1, 2014, Cage Company contracts to lease equipment for 5 years, agreeing to make a
Question:
Instructions:
(a) Prepare the journal entry or entries that should be recorded on January 1, 2014, by Cage Company.
(b) Prepare the journal entry to record depreciation of the leased asset for the year 2014.
(c) Prepare the journal entry to record the interest expense for the year 2014.
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Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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