Question

Brief Exercise 21-8 Headland Corporation owns equipment that cost $81,600 and has a useful life of years with no salvage value. On January 1, 2017, Head and leases the equipment to Donna Havaci Inc, for one year with one rente payment of $16,400 on January 1 Prepare Headland Corporation's 2017 journal entries. (Credit account tities are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts) Date Account Tities and Explanation Debit Credit January 1, 2017 To record lease payment.) December 31, 2017 To record depreciation) Click if you would like to show Work for this questioni Coen Show Work

Answer 1

Answer:

Date	Accounts Titles	Debit $	Credit $
01-01-2017	Cash
	Rent Revenue	16,400
	To record lease payment.		16,400
31-12-2017	Depreciation Exp (81600-0)/8 years	10,200
	Accumulated depreciation		10,200
	(To record depreciation)