Crane corporation owns equipment that cost $65, 600 and has a useful lofe of 8 years with no dalvage value. On July 1, 2025 Crane leases the equipment to Cullumber INC for one rental psyment of $12, 300 on January 1. Assuming Cullimber (lessee) elects to use the short term lease exception, prepare Cullumbers 2025 joirnal entry

Crane corporation owns equipment that cost $65, 600 and has a useful lofe of 8 years with no dalvage value. On July 1, 2025 Crane leases the equipment to Cullumber INC for one rental psyment of $12, 300 on January 1. Assuming Cullimber (lessee) elects to use the short term lease exception, prepare Cullumbers 2025 joirnal entry

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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