Business, 21.05.2021 01:40, chrisraptorofficial

The City of Leonard decides to lease school desks for its school system rather than buy them because the lessor will do all scheduled maintenance. On January 1, 2020, the school system leases 5,000 school desks for four years. After that, they will be returned to the manufacturer. Payment will be $20 per desk per year with payments on January 1, beginning on January 1, 2020. The city does not know how the lessor determined the annual charge. The city has an annual incremental borrowing rate of 8 percent. The present value of an annuity due of $1 at an 8 percent annual rate for four periods is 3.5771. Required:
a. Make the journal entries for the City of Leonard for 2020 and 2021 in preparing government-wide financial statements.
b. Make the journal entries for the City of Leonard for 2020 and 2021 in preparing fund financial statements for its governmental funds.

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The City of Leonard decides to lease school desks for its school system rather than buy them because...