Business, 07.05.2021 01:20 shaylawymannnnn
Wildhorse Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020. The lease is for an 8-year period and requires equal annual payments of $32,055 at the beginning of each year. The first payment is received on January 1, 2020. Wildhorse had purchased the machine during 2019 for $129,000. Collectibility of lease payments by Wildhorse is probable. Wildhorse set the annual rental to ensure a 6% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Wildhorse at the termination of the lease.
Required:
a. Compute the amount of the lease receivable.
b. Prepare all necessary journal entries for Wildhorse for 2020.
Answers: 1
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Wildhorse Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020. Th...
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