Use the information for Rodgers Corporation and Packers, Inc. from BE21.16. Assume that for Packers, Inc., the

Question:

Use the information for Rodgers and Packers, Inc. from BE21.16. Assume that for Packers, Inc., the lessor, the collectibility of the lease payments is probable, and the fair value and cost of the equipment is $60,000. Prepare Packers' 2019 journal entries, assuming the company uses straight-line depreciation and no residual value.
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...