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QUESTION 13 On January 1, 2021, Spider Corporation leased a ship from Web Company for...

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QUESTION 13 On January 1, 2021, Spider Corporation leased a ship from Web Company for an 8-year period expiring January 1, 2029. Equal annual payments of $500,000 are due on January 1 of each year, beginning on January 1, 2021. The lease is properly classified as a finance lease on Spider's books. The present value at January 1, 2021 of the 8 lease payments over the lease term discounted at 10% is $2,934,213. Write the journal entry that will be recorded on January 1, 2021. Be sure to write the Dr. and Cr. before each line of the journal entry. T T T Arial 3 (12pt) TEES @i's Path:p Words:0

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