Business, 06.12.2021 21:30 plexusgirl84

LeBron James (LBJ) Corporation agrees on January 1, 2020, to lease equipment from Cullumber, Inc. for 3 years. The lease calls for annual lease payments of $16,000 at the beginning of each year. The lease does not transfer ownership, nor does it contain a bargain purchase option, and is not a specialized asset. In addition, the useful life of the equipment is 10 years, and the present value of the lease payments is less than 90% of the fair value of the equipment. Required:
Prepare LBJ's journal entries on January 1, 2020 (commencement of the operating lease), and on December 31, 2020.

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LeBron James (LBJ) Corporation agrees on January 1, 2020, to lease equipment from Cullumber, Inc. fo...

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