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Python Company leased equipment from Hope Leasing on January 1, 2024. Hope recently purchased the equipment at a cost of $296,629. Other information: Lease term Annual payments Life of asset Fair value of asset Implicit interest rate 4 years $84,000 on January 1 each year 4 years $296,629 9%

Python Company leased equipment from Hope Leasing on January 1, 2024. Hope recently purchased the equipment at a cost of $296,629. Other information: Lease term Annual payments Life of asset Fair value of asset Implicit interest rate 4 years $84,000 on January 1 each year 4 years $296,629 9%

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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Python Company leased equipment from Hope Leasing on January 1, 2024. Hope recently purchased the equipment at a cost of $296,629. Other information: Lease term Annual payments Life of asset Fair value of asset Implicit interest rate Incremental rate There is no expected residual value. View transaction list Journal entry worksheet Required: Prepare appropriate journal entries for Python for 2024. Assume straight-line depreciation and a December 31 year-end. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts. 1 2 3 Date January 01, 2024 Note: Enter debits before credits. 4 years $84,000 on January 1 each year 4 4 years $296,629 9% 9% Record the entry to lease the equipment from Hope Leasing on January 01, 2024. General Journal Debit Credit
Transcribed Image Text:Python Company leased equipment from Hope Leasing on January 1, 2024. Hope recently purchased the equipment at a cost of $296,629. Other information: Lease term Annual payments Life of asset Fair value of asset Implicit interest rate Incremental rate There is no expected residual value. View transaction list Journal entry worksheet Required: Prepare appropriate journal entries for Python for 2024. Assume straight-line depreciation and a December 31 year-end. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts. 1 2 3 Date January 01, 2024 Note: Enter debits before credits. 4 years $84,000 on January 1 each year 4 4 years $296,629 9% 9% Record the entry to lease the equipment from Hope Leasing on January 01, 2024. General Journal Debit Credit
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