Business, 16.10.2020 04:01 Emiann222

Big Bucks leased equipment to Shannon Company on July 1, 2021. The lease payments were calculated to provide the lessor a 9% return. Nine annual lease payments of $29,000 are due each July 1, beginning July 1, 2021. Required:
1. Prepare the journal entries to record the lease by Shannon at July 1, 2021, and at December 31, 2021, the end of the reporting period. Consider this to be a finance lease.
2. Prepare the journal entries to record the lease by Shannon at July 1, 2021, and at December 31, 2021, the end of the reporting period. Consider this to be an operating lease.

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Big Bucks leased equipment to Shannon Company on July 1, 2021. The lease payments were calculated to...

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