Business, 07.05.2021 21:00 allyyzz

Teal Mountain Corporation recorded a right-of-use asset for $312,900 as a result of a finance lease on December 31, 2019. Teal Mountain’s incremental borrowing rate is 10%, and the implicit rate of the lessor was not known at the commencement of the lease. Teal Mountain made the first lease payment of $58,429 on on December 31, 2019. The lease requires 7 annual payments. The equipment has a useful life of 7 years with no residual value. Prepare Teal Mountain's December 31, 2017, entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places e. g. 5,275.)
Date Account Titles and Explanation Debit Credit
December 31, 2017

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Teal Mountain Corporation recorded a right-of-use asset for $312,900 as a result of a finance lease...