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Diablo Company leased a machine from Juniper Corporation on January 1, 2011

Diablo Company leased a machine from Juniper Corporation on January 1, 2011
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Price: $5.99
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Solution Guide / Answer Key:

ACCOUNTING
J. David Spiceland, James Sepe, and Mark Nelson (2010)
Intermediate Accounting with British Airways Annual Report, 6th Edition  McGraw-Hill
Diablo Company leased a machine from Juniper Corporation on January 1, 2011. The machine has a fair value of $20,000,000. The lease agreement calls for 4 equal payments at the end of each year in the amount of $6,309,410. The useful life of the machine was expected to be 4 years with no residual value. The appropriate interest rate for this lease is 10%

a. Prepare the journal entry for Diablo Company at the inception of the lease
b. Prepare the journal entry for the first lease payment
c. Prepare the journal entry for the second lease payment

 

FILE: MS WORD

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