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Prepare the entries for Concord for 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date 1/1/22 Account Titles and Explanation Right-of-Use Asset Debit Credit

Prepare the entries for Concord for 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, eg. 5,275. Record journal entries in the order presented in the problem.) Concord AG leases a piece of equipment to Skysong SA on January 1,2022. The lease agreement called for annual rental payments of 6,544 at the beginning of each year of the 3-year lease. The equipment has an economic useful life of 5 years, a fair value of 26,000 and a book value of 21,000. Both parties expect a residual value of 8,000 at the end of the lease term, though this amount is not guaranteed. Concord set the lease payments with the intent of earning a 4% return, and Skysong is aware of this rate. There is no bargain purchase option, ownership of the lease does not transfer at the end of the lease term, and the asset is not of a specialized nature. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Value of 1 (Present Value of a Single Sum) of an Ordinary Anauty of 1 Went Value of an Ordinary Anauity of , Value of as Anauliy thoe of Ste what's new Diceser featuph work, collaborate tagutfer

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