Business, 11.05.2021 23:30, chloegrider6713

On January 1, 2018, UML Company leased a machine to UMB Corporation. The lease qualifies as a sales-type lease. UML paid $240,000 for the machine and is leasing it to UMB for $34,000 per year, an amount that will return 10% to UML. The present value of the lease payments is $240,000. The lease payments are due each December 31, beginning in 2018. What is the appropriate interest entry of UML on December 31, 2018

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On January 1, 2018, UML Company leased a machine to UMB Corporation. The lease qualifies as a sales-...