Plz solve correct answerI will upvote The following facts pertain to a non-cancelable lease agreement between Sheridan Leasing Company and Pharoah Company, a lessee.Commencement dateAnnual lease payment due at the beginning ofeach year, beginning with January 1, 2025Residual value of equipment at end of lease term,guaranteed by the lesseeExpected residual value of equipment at end of lease termLease termEconomic life of leased equipmentFair value of asset at January 1, 2025Lessor's implicit rateLessee's incremental borrowing rateJanuary 1, 2025$122,829$51,000$46,0006years6 years$631,0009%9%The asset will revert to the lessor at the end of the lease term. The lessee uses the straight-line amortization for all leased equipment. Prepare all of the journal entries for the lessee for 2025 and 2026 to record the lease agreement, the lease payments, and allexpenses related to this lease. Assume the lessee's annual accounting period ends on December 31. (Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles andenter o for the amounts. Round answers to O decimal places e.g. 5,275. Record journal entries in the order presented in the problem. List alldebit entries before credit entries.)DateJan. 1, 2025Jan. 1, 2025Dec. 31, 2025Dec. 31, 2025Jan. 1, 2026Dec. 31, 2026Dec. 31, 2026Account Titles and ExplanationLeased AssetLease Liability(To record the lease.)Leased AssetCash(To record first lease payment.)Interest ExpenseLease Liability(To record interest.)Depreciation ExpenseLeased Asset(To record amortization.)Lease LiabilityCashInterest ExpenseLease Liability(To record interest.)Depreciation ExpenseLeased Asset(To record amortization.)Debit6035727956296666.6712282996666.67Credit

The lease is entered between a lessee and lessor for providing assets or services based on the lease…

Commencement date Annual lease payment due at the beginning of each year, beginning with January 1, 2025 Residual value of equipment at end of lease term, guaranteed by the lessee Expected residual value of equipment at end of lease term Lease term Economic life of leased equipment Fair value of asset at January 1, 2025 Lessor's implicit rate Lessee's incremental borrowing rate January 1, 2025 $122,829 $51,000 $46,000 6 years 6 years $631,000 9 % 9%

Commencement date Annual lease payment due at the beginning of each year, beginning with January 1, 2025 Residual value of equipment at end of lease term, guaranteed by the lessee Expected residual value of equipment at end of lease term Lease term Economic life of leased equipment Fair value of asset at January 1, 2025 Lessor's implicit rate Lessee's incremental borrowing rate January 1, 2025 $122,829 $51,000 $46,000 6 years 6 years $631,000 9 % 9%

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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