Business
Business, 21.03.2020 02:12, bombbomb8449

Trap Co. leased a new machine to Lake Co. on January 1, Year 4. Trap properly classified the lease as an operating lease. The lease expires on January 1, Year 9. The annual rental is $90,000. Additionally, on January 1, Year 4, Lake paid $50,000 to Trap as a lease bonus and $25,000 as a security deposit to be refunded upon expiration of the lease. In Trap’s Year 4 income statement, the amount of rental revenue should be

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Trap Co. leased a new machine to Lake Co. on January 1, Year 4. Trap properly classified the lease a...

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