Solved: Jana kingston corporation enters into a lease on january 1, Accounting Basics

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Jana kingston corporation enters into a lease on january 1

1. Jana Kingston Corporation enters into a lease on January 1, 2011, that does not transfer ownership or contain a bargain-purchase option. It covers 3 years of the equipment's 8-year useful life, and the present value of the minimum lease payments is less than 90% of the fair market value of the asset leased. Prepare Jana Kingston's journal entry to record its January 1, 2011, annual lease payment of $35,000.

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Accounting Basics: Jana kingston corporation enters into a lease on january 1

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Accounting Basics: Jana kingston corporation enters into a lease on january 1

Reference No:- TGS01488057

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