Solved: On january 1 2011 irwin animation sold a truck to peete, Accounting Basics

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On january 1 2011 irwin animation sold a truck to peete

1. On January 1, 2011, Irwin Animation sold a truck to Peete Finance for $33,000 and immediately leased it back. The truck was carried on Irwin's books at $28,000. The term of the lease is 5 years, and title transfers to Irwin at lease-end. The lease requires five equal rental payments of $8,705 at the end of each year. The appropriate rate of interest is 10%, and the truck has a useful life of 5 years with no salvage value. Prepare Irwin's 2011 journal entries.

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Accounting Basics: On january 1 2011 irwin animation sold a truck to peete

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Accounting Basics: On january 1 2011 irwin animation sold a truck to peete

Reference No:- TGS01488088

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