On 1114 we sign a lease term is 5 years and is no, Financial Accounting

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On 1114 we sign a lease term is 5 years and is no

On 1/1/14 we sign a lease: Term is 5 years and is no cancellable with Payments of $23,981.59 made at the beginning of each year. The FMV of leased asset is $100,000 and has a economic life 5 years. No renewal option. Ownership reverts to lessor at end of lease; Lessee uses straight-line method to depreciate assets. Lessor set payments to earn 10% rate of return. Lessee knows this.

Required: make journal entries for year 1 assuming the following

a) There is no residual value.

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Financial Accounting: On 1114 we sign a lease term is 5 years and is no

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