Business, 08.03.2021 20:00 TimothyYash6684
Assume that IBM leased equipment that was carried at a cost of $88,000 to Wildhorse Company. The term of the lease is 5 years December 31, 2019, with equal rental payments of $27,365 beginning December 31, 2019. The fair value of the equipment at commencement of the lease is $118,001. The equipment has a useful life of 5 years with no salvage value. The lease has an implicit interest rate of 8%, no bargain purchase option, and no transfer of title. Collectibility of lease payments for IBM is probable. Assume the sales-type lease was recorded at a present value of $118,001.
Required:
Prepare IBMâs December 31, 2020, entry to record the lease transaction with Wildhorse Company.
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Assume that IBM leased equipment that was carried at a cost of $88,000 to Wildhorse Company. The ter...
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