Return to the original facts in the problem. Now suppose that, at the end of the lease term, Kimberly-Clark took good care of the asset and Crane agrees that the fair value of the asset is actually $9,000. Record the entry for Kimberly-Clark at the end of the lease to return control of the storage building to Crane (assuming the accrual of interest on the lease liability has already been made). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)
Return to the original facts in the problem. Now suppose that, at the end of the lease term, Kimberly-Clark took good care of the asset and Crane agrees that the fair value of the asset is actually $9,000. Record the entry for Kimberly-Clark at the end of the lease to return control of the storage building to Crane (assuming the accrual of interest on the lease liability has already been made). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Return to the original facts in the problem. Now suppose that, at the end of the lease term, Kimberly-Clark took good care of the
asset and Crane agrees that the fair value of the asset is actually $9,000. Record the entry for Kimberly-Clark at the end of the
lease to return control of the storage building to Crane (assuming the accrual of interest on the lease liability has already been
made). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)
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