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Advanced Accounting II Chapter 21 - Leases Problem 1. On January 1, 2019, Wilcox Inc. le The noncancelable lease is for 6 years with an u life of the leased equipment is 10 years. The lease option. Lease payments are $9,000 per year, pay, is 8 percent and Zed's implicit interest rate (known by Wilcov for the equipment. To Zed, the equipment had a cost lease payments is probable for the lessor. Instructions Provide the necessary journal entries to record the to 2019 through December 31, 2020. Wilcox Inc. leased equipment from Zed Co. for use in the engineering department. are with an unguaranteed residual value of $5,000 and the estimated economic Cars The lease does not contain automatic title transfer or a bargain purchase payable each December 31. The incremental borrowing rate for Wilcox known by Wilcox) is 6 percent. Wilcox uses straight-line depreciation oment had a cost of $44,000 and fair value of $48,000. The collectability of the entries to record the transactions for the lessee and lessor for the period January 1. Advanced Accounting II Chapter 21 - Leases Problem 1. On January 1, 2019, Wilcox Inc. le The noncancelable lease is for 6 years with an u life of the leased equipment is 10 years. The lease option. Lease payments are $9,000 per year, pay, is 8 percent and Zed's implicit interest rate (known by Wilcov for the equipment. To Zed, the equipment had a cost lease payments is probable for the lessor. Instructions Provide the necessary journal entries to record the to 2019 through December 31, 2020. Wilcox Inc. leased equipment from Zed Co. for use in the engineering department. are with an unguaranteed residual value of $5,000 and the estimated economic Cars The lease does not contain automatic title transfer or a bargain purchase payable each December 31. The incremental borrowing rate for Wilcox known by Wilcox) is 6 percent. Wilcox uses straight-line depreciation oment had a cost of $44,000 and fair value of $48,000. The collectability of the entries to record the transactions for the lessee and lessor for the period January 1