Business, 06.05.2021 23:00, stephanieb75

Assume Apple Corporation leases a manufacturing robot for three years. The effective interest rate is 6 percent. The lease requires a $50,000 payment in Year 1, a $30,000 payment in Year 2, and a $10,000 payment in Year 3. Apple uses the straight-line method without residual value to amortize leased assets under finance leases. Prepare all journal entries under this lease arrangement for the first two years for both cases: (1) this lease arrangement is a finance lease; (2) this lease arrangement is an operating lease.

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Assume Apple Corporation leases a manufacturing robot for three years. The effective interest rate i...