arasota Corporation enters into a 7-year lease of equipment on
January 1, 2017, which requires 7 annual payments of $37,500 each,
beginning January 1, 2017. In addition, Sarasota guarantees the lessor a
residual value of $18,700 at lease-end. The equipment has a useful life
of 7 years.
Prepare Sarasota’ January 1, 2017, journal entries assuming an interest rate of 9%. (Credit
account titles are automatically indented when amount is entered. Do
not indent manually. If no entry is required, select “No Entry” for the
account titles and enter 0 for the amounts. Round present value factor
calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0
decimal places e.g. 58,971.)
put your answer in a word document
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