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Home Q & A Board Other Fields Homework Help Business Accounting
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hello123456 hello123456
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5 years ago
Company A enters into a lease agreement with Company B. The fair value of the asset is
$100,000. The present value of the minimum lease payments is $90,000. The yearly payment is
$10,000, depreciation amounts to $5,000 and the lease meets the requirement of an operating
lease. What is the journal entry at the end of the first year assuming a full 12 months have passed?
Textbook 
Intermediate Accounting, Volume 2

Intermediate Accounting, Volume 2


Edition: 5th
Authors:
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shangshangshangshang
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5 years ago
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hello123456 Author
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#2
5 years ago
Makes more sense now, have a good weekend!
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