AC 302 WEEK 6 Brief Exercise 21 Question 9

AC 302 WEEK 6 Brief Exercise 21 Question 9
Indiana Jones Corporation enters into a 5 year lease of equipment on January 1 2014 which requires 5 annual payments of $35,070 each beginning January 1, 2014. In addition, Indiana Jones guarantees the lessor a residual value of $20,770 at lease-end. The equipment has a useful life of 5 years.

Prepare Indiana Jones’ January 1, 2014, journal entries assuming an interest rate of 11%. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.)

Date	Account Titles and Explanation	Debit	Credit
January 1, 2014	  
  (To record the lease.)		
January 1, 2014	  
 	(To record first lease payment.)

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