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On 1/1/19, Greene company leased machinery with a fair value of $1,600,000 from gray corporation....

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Accounting

  1. On 1/1/19, Greene company leased machinery with a fair value of $1,600,000 from gray corporation. the agreement is a 6-year noncancelable lease requiring annual payments. of $300,000 beginning 1/1/19. The machinery has a $51,500 residual value at the end of the lease, which is not guaranteed by Greene. Greene appropriately accounts for the lease. as a financing lease and is aware that the implicit rate in the lease is 6%. Prepare Greene's lease amortization table. What journal entry(ies) will Greene make on 12/31/21?

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