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Windsor Corporation recorded a right-of-use asset for $240,300 as a result of a finance lease...

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Accounting

Windsor Corporation recorded a right-of-use asset for $240,300 as a result of a finance lease on December 31, 2016. Windsors incremental borrowing rate is 13%, and the implicit rate of the lessor was not known at the commencement of the lease. Windsor made the first lease payment of $41,440 on on December 31, 2016. The lease requires 9 annual payments. The equipment has a useful life of 9 years with no residual value.

Prepare Wndor's December 31,2017, entries.

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