Question: On December 3 1 , 2 0 2 4 , Metlock Corporation signed a 5 - year, non - cancelable lease for a machine. The

On December 31,2024, Metlock Corporation signed a 5-year, non-cancelable lease for a machine. The terms of the lease called for
Metlock to make annual payments of $8,482 at the beginning of each year, starting December 31,2024. The machine has an estimated
useful life of 6 years and a $5,000 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term.
Metlock uses the straight-line method of depreciation for all of its plant assets. Metlock's incremental borrowing rate is 8%, and the
lessor's implicit rate is unknown. PREPARE ALL NECESSARY JOURNAL ENTRIES FOR METLOCK FOR THIS LEASE THROUGH DECEMBER 31,2025
On December 31,2024, Metlock Corporation signed a 5-year, non-cancelable lease for

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