On January 1, 2020, Ivanhoe Inc. entered into an agreement to lease equipment from Tamarisk Corporation....

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On January 1, 2020, Ivanhoe Inc. entered into an agreement to lease equipment from Tamarisk Corporation. The lease agreement requires five annual rental payments of $88,000 beginning December 31, 2020. The present value of the rental payments is $334,514. Prepare the entry to record the lease agreement on the books of Ivanhoe Inc. on January 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entry before credit entry.) Date Account Titles and Explanation Jan. 1 Debit Credit The adjusted trial balance for Sheridan Corporation at the end of 2020 contained the following accounts: Bonds payable, 10% Interest payable Discount on bonds payable Lease liability Mortgage notes payable, 9%, due 2022 Accounts payable $700,000 24,000 44,000 58,500 86,000 114,000 (a) Prepare the long-term liabilities section of the balance sheet. Sheridan Corporation Balance Sheet (Partial) $ $ $ On January 1, 2020, Ivanhoe Inc. entered into an agreement to lease equipment from Tamarisk Corporation. The lease agreement requires five annual rental payments of $88,000 beginning December 31, 2020. The present value of the rental payments is $334,514. Prepare the entry to record the lease agreement on the books of Ivanhoe Inc. on January 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entry before credit entry.) Date Account Titles and Explanation Jan. 1 Debit Credit The adjusted trial balance for Sheridan Corporation at the end of 2020 contained the following accounts: Bonds payable, 10% Interest payable Discount on bonds payable Lease liability Mortgage notes payable, 9%, due 2022 Accounts payable $700,000 24,000 44,000 58,500 86,000 114,000 (a) Prepare the long-term liabilities section of the balance sheet. Sheridan Corporation Balance Sheet (Partial) $ $ $

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Answer Date Account Titles and Explanation Debit Credit Jan 1 Rightofuse asset 334514 Lease Liabilit... View the full answer