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On January 1, 2021, Girardi Company leased several machines from Cole Corporation under a 3-year...

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Accounting

On January 1, 2021, Girardi Company leased several machines from Cole Corporation under a 3-year operating lease agreement. The lease calls for semiannual payments of $15,000 each, payable on June 30 and December 31 of each year. The machines were acquired by Cole at a cost of $90,000 and are expected to have a useful life of 5 years with no expected residual value.

Required: Prepare the appropriate journal entries for the lessor from the inception of the lease through the end of 2021.

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