Use the information for Merrill Corporation from BE20-11. Assume that a residual value of $17,000 is expected
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In BE20-11
Merrill Corporation, which uses ASPE, enters into a six-year lease of equipment on September 13, 2017 that requires six annual payments of $28,000 each, beginning September 13, 2017. In addition, Merrill guarantees the lessor a residual value of $17,000 at lease end. The equipment has a useful life of six years. Using tables, a financial calculator, or Excel functions, calculate the amount of the capital lease and prepare Merrill's September 13, 2017 journal entries, assuming an interest rate of 9%.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Equipment under Lease 136910 Obligations under Lease 1...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-1119048541
11th Canadian edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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