Nash Corporation enters into a 5-year lease of equipment on January 1, 2017, which requires...
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Nash Corporation enters into a 5-year lease of equipment on January 1, 2017, which requires 5 annual payments of $39,200 each, beginning January 1, 2017. In addition, Nash guarantees the lessor a residual value of $21,100 at lease-end. The equipment has a useful life of 5 years. Prepare Nash January 1, 2017, journal entries assuming an interest rate of 9%. (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 0 for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.)
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