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On Dec 31, 2018, Lang Co. leased a ship from Fort Co. for eight years,...

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Accounting

On Dec 31, 2018, Lang Co. leased a ship from Fort Co. for eight years, returning it on Dec 31, 2026. Equal annual payments of 500,000 were due on Dec 31 of each year, beginning Dec 31, 2018. Compute the PV of the 8 lease payments as at Dec 31, 2018, discounted at 10% and provide all the lease related journal entries required by Lang Dec 31, 2018 - 2026.

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