On December 31, 2024. Skysong Corporation signed a 5-year, non-cancelable lease for a machine. The terms of the lease called for Skysong to make annual payments of $8.476 at the beginning of each year, starting December 31, 2024. The machine has an estimated useful life of 6 years and a $5,200 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Skysong uses the straight-line method of depreciation for all of its plant assets. Skysong's incremental borrowing rate is 11% and the lessor's implicit rate is unknown. ension Tip: Double click to open in new tab Show Transcribed Text 3 C Prepare all necessary journal entries for Skysong for this lease through December 31, 2025. (Ust all debit entries before credit

On December 31, 2024. Skysong Corporation signed a 5-year, non-cancelable lease for a machine. The terms of the lease called for Skysong to make annual payments of $8.476 at the beginning of each year, starting December 31, 2024. The machine has an estimated useful life of 6 years and a $5,200 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Skysong uses the straight-line method of depreciation for all of its plant assets. Skysong's incremental borrowing rate is 11% and the lessor's implicit rate is unknown. ension Tip: Double click to open in new tab Show Transcribed Text 3 C Prepare all necessary journal entries for Skysong for this lease through December 31, 2025. (Ust all debit entries before credit

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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