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The equipment has a useful life of 5 years prepare

Question - Wildhorse Corporation enters into a 5-year lease of equipment on January 1, 2017, which requires 5 annual payments of $39,200 each, beginning January 1, 2017. In addition, Wildhorse guarantees the lessor a residual value of $21,100 at lease-end. The equipment has a useful life of 5 years.

Prepare Wildhorse January 1, 2017, journal entries assuming an interest rate of 9%.

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Accounting Basics: The equipment has a useful life of 5 years prepare

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