Indiana
Jones Corporation enters into a 6-year lease of equipment on January 1,
2012, which requires 6 annual payments of $40,000 each, beginning
January 1, 2012. In addition, Indiana Jones guarantees the lessor a
residual value of $20,000 at lease-end. The equipment has a useful life
of 6 years. Prepare Indiana Jones\' January 1, 2012, journal entries
assuming an interest rate of 10%. (Round your answer to the nearest
dollar eg 58,591).
Click here: Indiana Jones Corporation enters into a 6-year lease of equipment on January 1, 2012
