The Controller of the Berg Corporation started the following amortization table as it relates to a lease.: DateAnnualLeasePaymentsInterestat the rate of11%ReductionofLiabilityLiabilityLease InceptionJanuary 2 2015 $73,753January ,1 2015$12,0000121,000$61,753December 31,2015 Complete the table.Prepare the journal entry to record the lease on the books.Record the December 31 ,2015 journal entry.

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Answered: The Controller of the Berg Corporation…

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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The Controller of the Berg Corporation started the following amortization table as it relates to a lease.:

Date	Annual Lease Payments	Interest at the rate of 11%	Reduction of Liability	Liability
Lease Inception January 2 2015				$73,753
January ,1 2015	$12,000	0	121,000	$61,753
December 31,2015

Complete the table.
Prepare the journal entry to record the lease on the books.
Record the December 31 ,2015 journal entry.

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