Huebner Corporation leases new equipment for 10 years on December 31, 2022. The present value of the
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Huebner Corporation leases new equipment for 10 years on December 31, 2022. The present value of the lease payments is $192,000. After recording this lease, Huebner has assets of $1,800,000, liabilities of $1,100,000, and stockholders' equity of $700,000.
(a) Prepare the entry to record the lease,
(b) Compute and discuss the debt to assets ratio at year-end.
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a The entry to record the lease is as follows i 192000 in lease l...View the full answer
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Related Book For 
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
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