Question: Refer to Practice 15-16. Assume the same facts except that the $500 bargain purchase option is instead a $500 unguaranteed residual value. Make the journal

Refer to Practice 15-16. Assume the same facts except that the $500 bargain purchase option is instead a $500 unguaranteed residual value. Make the journal entries necessary on the books of the lessor company to record

(1) The lease signing (including receipt of the first lease payment) and

(2) The recognition of interest revenue at the end of the first year.

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