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On January 1, Falk Company signed a contract to lease space in a bullding for three years. The current value of the three lease payments is $311,700 Required: Prepare entries for Falk to record (a) the lease asset and obligation at January 1, and (b) the $103,900 straight-line amortization at December 31 of the first year. View transaction list Journal entry worksheet Record lease asset and obligation. Note: Enter debits before credits Debit Credit Date General Journal Jan 01

On January 1, Falk Company signed a contract to lease space in a bullding for three years. The current value of the three lease payments is $311,700 Required: Prepare entries for Falk to record (a) the lease asset and obligation at January 1, and (b) the $103,900 straight-line amortization at December 31 of the first year. View transaction list Journal entry worksheet Record lease asset and obligation. Note: Enter debits before credits Debit Credit Date General Journal Jan 01

FINANCIAL ACCOUNTING
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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Please i need both parts correct and only handwritten will upvote
On January 1, Falk Company signed a contract to lease space in a building for three years. The current value of the three lease payments is $311,700 Required: Prepare entries for Falk to record (a) the lease asset and obligation at January 1, and (b) the $103,900 straight-line amortization at December 31 of the first year. View transaction list Journal entry worksheet <> 2. Record lease asset and obligation. Note: Enter debits before credits Debit Credit Date General Journal Jan 01 View general journal Clear entry Record entry
Transcribed Image Text:On January 1, Falk Company signed a contract to lease space in a building for three years. The current value of the three lease payments is $311,700 Required: Prepare entries for Falk to record (a) the lease asset and obligation at January 1, and (b) the $103,900 straight-line amortization at December 31 of the first year. View transaction list Journal entry worksheet <> 2. Record lease asset and obligation. Note: Enter debits before credits Debit Credit Date General Journal Jan 01 View general journal Clear entry Record entry
On January 1, Falk Company signed a contract to lease space in a building for three years. The current value of the three lease payments is $311,700. Required: Prepare entries for Falk to record (a) the lease asset and obligation at January 1, and (b) the $103,900 straight-line amortization at December 31 of the first year. View transaction list Journal entry worksheet < 1 Record annual amortization of RoU asset. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 View general journal Clear entry
Transcribed Image Text:On January 1, Falk Company signed a contract to lease space in a building for three years. The current value of the three lease payments is $311,700. Required: Prepare entries for Falk to record (a) the lease asset and obligation at January 1, and (b) the $103,900 straight-line amortization at December 31 of the first year. View transaction list Journal entry worksheet < 1 Record annual amortization of RoU asset. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 View general journal Clear entry
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