Business, 01.10.2019 05:30 jmwmarshall
Chance enterprises leased equipment from third bank leasing on january 1, 2018. third bank purchased the equipment at a cost of $1,000,000. chance elected the short-term lease option. appropriate adjusting entries are made annually. related information: lease term 1 year (4 quarterly periods) quarterly lease payments $40,000 at jan. 1, 2018, and at mar. 31, june 30, and sept. 30. economic life of asset 5 years interest rate charged by the lessor 8% required: prepare appropriate entries for chance from the beginning of the lease through december 31, 2018. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. round your answers to the nearest whole dollar amount.)
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Chance enterprises leased equipment from third bank leasing on january 1, 2018. third bank purchased...
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