Solved: The lease lasts ten years and the buildings fair market, Accounting Basics

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The lease lasts ten years and the buildings fair market

Question - On January 1 2015, Microsoft leases a building for a new Microsoft store. The effective interest rate of the lease is 7% and annual payments required are $120,000 on December 31. The lease lasts ten years and the building's fair market value on the date of the lease is $900,000. Record the journal entry Microsoft should make on January 1, 2015.

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Accounting Basics: The lease lasts ten years and the buildings fair market

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Accounting Basics: The lease lasts ten years and the buildings fair market

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