Question: Required: Using the data in P126, prepare the journal entries required by Coleman Inc. on January 1, 2017, assuming that (a) Task does not guarantee

Required:
Using the data in P12–6, prepare the journal entries required by Coleman Inc. on January 1, 2017, assuming that (a) Task does not guarantee the residual value and (b) Task does guarantee it. Coleman paid $500,000 to acquire the office equipment several weeks prior to the leasing transaction.

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