LESSOR ACCOUNTING PROBLEM 2 Using the same data of the previous exercise and assuming the following information, you will answer this exercise from the point of view of the lessor: Collectibility of the payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by XYZ. Additional information: 1. Asset's cost $1,500,000. 2. Asset's FMV - $2,800,000 Required: a. Prepare journal entries for the year 2017. LESSOR ACCOUNTING PROBLEM 2 Using the same data of the previous exercise and assuming the following information, you will answer this exercise from the point of view of the lessor: Collectibility of the payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by XYZ. Additional information: 1. Asset's cost $1,500,000. 2. Asset's FMV - $2,800,000 Required: a. Prepare journal entries for the year 2017