On the third journal entry the lease liability is a credit, I just do not know what the other two accounts would be
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On the third journal entry the lease liability is a credit, I just do not know...
Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Blue Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. The fair value of the asset at January 1, 2020, is $78,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset...
Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Kingbird Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. The fair value of the asset at January 1, 2020, is $74,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset...
Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Skysong Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. The fair value of the asset at January 1, 2020, is $77,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset...
Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Oriole Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. The fair value of the asset at January 1, 2020, is $70,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset...
Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Marin Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. 2 The fair value of the asset at January 1, 2020, is $59,000 3. The anset will revert to the lessor at the end of the lease term at which time the asset...
Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Shamrock Company. The following information relates to this agreement. 1.The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. 2.The fair value of the asset at January 1, 2020, is $55,000. 3.The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to...
Your answer is partially correct. Try again. Laura Leasing Company signs an agreement on January 1, 2017, to lease equipment to Swifty Company. The following information relates to this agreement. 1. 2. 3. 4. 5. 6. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. The fair value of the asset at January 1, 2017, is $69,000. The asset will revert to the lessor at the...
Laura Leasing Company signs an agreement on January 1, 2017, to lease equipment to Splish Brothers Company. The following information relates to this agreement. 1. 2. 3. 4. 5. 6. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. The fair value of the asset at January 1, 2017, is $64,000. The asset will revert to the lessor at the end of the lease term, at...
Exercise 21-11 Laura Leasing Company signs an agreement on January 1, 2017, to lease equipment to Culver Company. The following information relates to this agreement. 1. The term of the noncancelable lease is 5 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. The fair value of the asset at January 1, 2017, is $74,600 3. The asset will revert to the lessor at the end of the lease term, at which time...
Question 1 Your answer is partially correct. Try again. Laura Leasing Company signs an agreement on January 1, 2017, to lease equipment to Marigold Company. The following information relates to this agreement. 1. 2. 3. 4. 5. 6. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. The fair value of the asset at January 1, 2017, is 555,000. The asset will revert to the lessor...