Business Finance
Accounting for Lease

Intermediate accounting IIl

Question Description

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

Accounting for Lease

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Final Answer



Accounting for Lease

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Accounting for Lease
The attached word document addresses the question “Accounting for Lease” by answering the

Sarasota Corporation enters into a 7-year lease of equipment on January 1, 2017, w...

University of Virginia

Return customer, been using sp for a good two years now.

Thanks as always for the good work!

Excellent job

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