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On July, 01, 2020, leased a new stamping press. The fair value of the equipment...

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Accounting

On July, 01, 2020, leased a new stamping press. The fair value of the equipment is $355,553. The lease calls for 120 monthly payments of $3,000. JKL, Inc.'s marginal borrowing rate is higher than the 6.1% rate implicit in the lease. The estimated useful life of the equipment is eight years. The lease does not transfer title to lessee and does not contain any bargain purchase language.

Journal entries needed

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