251. Ryan Corp. is a manufacturer of high tech golf carts. On December 31, 1999, Ryan Corp. leases 100 golf carts to a local golf course for five years at $95,000 per year payable at the beginning of the lease term. The normal cash sales price of the carts is $3,500 each. The carts cost Ryan Corp. $3,000 each to manufacture. The lease meets all the conditions necessary to be a sales-type lease from the lessor's point of view. Provide the journal entry(ies) on December 31x1 to account for the lease and the first payment on December 31x2

251. Ryan Corp. is a manufacturer of high tech golf carts. On December 31, 1999, Ryan Corp. leases 100 golf carts to a local golf course for five years at $95,000 per year payable at the beginning of the lease term. The normal cash sales price of the carts is $3,500 each. The carts cost Ryan Corp. $3,000 each to manufacture. The lease meets all the conditions necessary to be a sales-type lease from the lessor's point of view. Provide the journal entry(ies) on December 31x1 to account for the lease and the first payment on December 31x2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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