Carla Vista Corporation enters into a 5-year lease of equipment on December 31,2024, which requires...
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Carla Vista Corporation enters into a year lease of equipment on December which requires annual payments of $ each, beginning December In addition, Carla Vista guarantees the lessor a residual value of $ at the end of the lease. However, Carla Vista believes it is probable that the expected residual value at the end of the lease term will be $ The equipment has a useful life of years. Prepare Carla Vistas' December journal entries, assuming the implicit rate of the lease is and this is known to Carla Vista. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. For calculation purposes, use decimal places as displayed in the factor table provided and round final answers to decimal places eg Click here to view factor tables. 
Carla Vista Corporation enters into a year lease of equipment on December which requires annual payments of $ each, beginning December In addition, Carla Vista guarantees the lessor a residual value of $ at the end of the lease. However, Carla Vista believes it is probable that the expected residual value at the end of the lease term will be $ The equipment has a useful life of years.
Prepare Carla Vistas' December journal entries, assuming the implicit rate of the lease is and this is known to Carla Vista. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. For calculation purposes, use decimal places as displayed in the factor table provided and round final answers to decimal places eg
Click here to view factor tables.
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