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Home Q & A Board Other Fields Homework Help Business Accounting
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zurainzlpt zurainzlpt
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Posts: 324
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5 years ago
On January 1, Teague Company leased office equipment from Sprague Corporation. The lease qualifies as an operating lease. The term is three years and calls for semiannual payments of $25,000 each, payable on June 30 and December 31 of each year. Sprague acquired the machines at a cost of $150,000 on January 1 of the current year. The expected life is five years with no residual value expected. What journal entry should Montgomery make on January 1 of the current year?
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
Authors:
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wrote...
#1
5 years ago
 
June 30
Rent Expense25,000
Cash25,000

December 31
Rent Expense25,000
Cash25,00000
zurainzlpt Author
wrote...
#2
5 years ago
Thank you for your assistance, again and again
wrote...
#3
5 years ago
My pleasure
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