Intermediate Accounting
Intermediate Accounting
1st Edition
ISBN: 9780132162302
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 18, Problem 18.8BE
To determine

To prepare: The journal entry to record the lease transaction.

Given information:

Fair value of asset is $25,977

Lease rent due at the beginning of the year is $4,000.

Implicit rate of interest is 11.2%

Present value of lease receivable is $25,977.

Lease term is 10 years

Initial direct cost is $23,000.

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Chapter 18 Solutions

Intermediate Accounting

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