On January 1, 2022, Throm Inc. entered into an agreement to lease 20 computers Drummond Electronics. The
Question:
On January 1, 2022, Throm Inc. entered into an agreement to lease 20 computers Drummond Electronics. The terms of the lease agreement require three annual rental payments of $20,000 (including 10% interest) beginning December 31, 2022. The present value of the three rental payments is $49,735. Throm considers this a finance lease.
Instructions
Prepare the journal entry to record the lease agreement on the books of Throm Inc. on January 1, 2022.
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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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