statement and journal entry: - 3 yr lease - $100 market value and 10 yr...
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Accounting
statement and journal entry:
- 3 yr lease
- $100 market value and 10 yr useful life
- The lease, signed on December 31, 2003, specifies that there is no title transfer or bargain purchase option at the end of the lease on December 31, 2006
- guarantees the entire $50,000 residual value on December 31, 2006
- lease payments at $25,106 (first payment due December 31,2004)
- doesnt know the implicit rate
- borrowing rate is 12%
- straight-line depreciation
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