Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. e15.14(lo 4), ap on january 1,2022, throm inc. ent

E15.14(LO 4), AP On January 1,2022, Throm Inc. entered into an agreement to lease 20...

50.1K

Verified Solution

Question

Accounting

E15.14(LO 4), AP On January 1,2022, Throm Inc. entered into an agreement to lease 20 computers from Drummond Electronics. The terms of the lease agreement require three annual rental payments of $20,000(including 10% interest) beginning December 31,2022. The present value of the three rental payments is $49,735. Throm considers this a finance lease.
Instructions
Prepare the journal entry to record the lease agreement on the books of Throm Inc. on January 1,2022.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

A spinner has four sections each with different point values and areas The 1 point...

Operations Management
1.2K views

What can make a contract too specific and what could happen if it is? Give an...

Chemistry
1.2K views

7. You are given 2.263 g of a mixture of KClO3 and KCl. When heated, the...

Medical Sciences
1.2K views

What are Alpha and Beta receptors? What do they respond to? Give examples of Beta blockers...

Statistics
1.2K views

A ["prospective", OR "retrospective"] cohort study is carried out to investigate the association between occupational arsenic inhalation...

General Management
1.2K views

What is the pricing strategy of the heinz ketup and justify why the company is using...

Calculus
1.2K views

f x Ja 0 2 0 Below evaluate f a at the points indicated in...

Algebra
1.2K views

Graph the trigonometric function y cos Plot all points corresponding to x intercepts minima and...

Accounting
1.2K views

Computing breakeven sales No Slip Co. produces sports socks. The company has fixed costs of...

Accounting
1.2K views

Frank Weston, supervisor of the Freemont Corporations Machining Department, was upset after being reprimanded for...

Accounting
1.2K views

The following information is from Bowin Inc. for a long-term construction project that is expected...

Accounting
1.2K views

Comprehensive Problem 5 The Gilster Company, a machine tooling firm, has...