On December 31,2024, Metlock Corporation signed a 5-year, non-cancelable lease for a machine. The terms...
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On December Metlock Corporation signed a year, noncancelable lease for a machine. The terms of the lease called for Metlock to make annual payments of $ at the beginning of each year, starting December The machine has an estimated useful life of years and a $ unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Metlock uses the straightline method of depreciation for all of its plant assets. Metlock's incremental borrowing rate is and the lessor's implicit rate is unknown. PREPARE ALL NECESSARY JOURNAL ENTRIES FOR METLOCK FOR THIS LEASE THROUGH DECEMBER 
On December Metlock Corporation signed a year, noncancelable lease for a machine. The terms of the lease called for
Metlock to make annual payments of $ at the beginning of each year, starting December The machine has an estimated
useful life of years and a $ unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term.
Metlock uses the straightline method of depreciation for all of its plant assets. Metlock's incremental borrowing rate is and the
lessor's implicit rate is unknown. PREPARE ALL NECESSARY JOURNAL ENTRIES FOR METLOCK FOR THIS LEASE THROUGH DECEMBER
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