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Indiana jones corporation enters into a 7-year lease of

Question - Indiana Jones Corporation enters into a 7-year lease of equipment on January 1, 2014, which requires 7 annual payments of $44,930 each, beginning January 1, 2014. In addition, Indiana Jones guarantees the lessor a residual value of $19,580 at lease-end. The equipment has a useful life of 7 years.

Prepare Indiana Jones' January 1, 2014, journal entries assuming an interest rate of 12%.

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Accounting Basics: Indiana jones corporation enters into a 7-year lease of

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Accounting Basics: Indiana jones corporation enters into a 7-year lease of

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