Business, 13.05.2021 18:50, elpeke102p73fz3

Assume that IBM leased equipment that was carried at a cost of $110,000 to Sunland Company. The term of the lease is 5 years December 31, 2019, with equal rental payments of $30,044 beginning December 31, 2019. The fair value of the equipment at commencement of the lease is $129,554. The equipment has a useful life of 5 years with no salvage value. The lease has an implicit interest rate of 8%, no bargain purchase option, and no transfer of title. Collectibility of lease payments for IBM is probable. Prepare IBM’s December 31, 2016, journal entries at commencement of the lease

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Assume that IBM leased equipment that was carried at a cost of $110,000 to Sunland Company. The term...