please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Flint Corporation leases equipment from Falls Company on January 1, 2025. The lease agreement does not transfer ownership,contain a bargain purchase option, and is not a specialized asset. It covers 3 years of the equipment's 8-year useful life, and the presentvalue of the lease payments is less than 90% of the fair value of the asset leased.Prepare Flint's journal entries on January 1, 2025, and December 31, 2025. Assume the annual lease payment is $50,000 at thebeginning of each year, and Flint's incremental borrowing rate is 8%, which is the same as the lessor's implicit rate. (List all debit entriesbefore credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. For calculationpurposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places, eg. 5,265. If no entry isrequired, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)Click here to view factor tables.Date1/1/2512/31/25Account Titles and ExplanationRight-of-Use AssetLease Liability(To record lease liability)" Unearned Lease RevenueLease Revenue(To record lease payment)Debit5000050000Credit5000050000

An agreement of contract that is prepared to transfer the right to use the resources for a…

Flint Corporation leases equipment from Falls Company on January 1, 2025. The lease agreement does not transfer ownership, contain a bargain purchase option, and is not a specialized asset. It covers 3 years of the equipment's 8-year useful life, and the present value of the lease payments is less than 90% of the fair value of the asset leased.

Flint Corporation leases equipment from Falls Company on January 1, 2025. The lease agreement does not transfer ownership, contain a bargain purchase option, and is not a specialized asset. It covers 3 years of the equipment's 8-year useful life, and the present value of the lease payments is less than 90% of the fair value of the asset leased.

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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