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Category > Accounting Posted 25 May 2017 My Price 3.00

Rick Kleckner Corporation recorded a finance lease at $300,000 on January 1, 2014

Rick Kleckner Corporation recorded a finance lease at $300,000 on January 1, 2014. The interest rate is 12%. Kleckner Corporation made the first lease payment of $53,920 on January 1, 2014. The lease requires eight annual payments. The equipment has a useful life of 8 years with no residual value. Prepare Kleckner Corporation’s December 31, 2014, adjusting entries.

 

 

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Alpha Geek
(8)
Status NEW Posted 25 May 2017 11:05 AM My Price 3.00

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file 1495710182-Answer.docx preview (93 words )
R-----------ick----------- Kl-----------eck-----------ner----------- Co-----------rpo-----------rat-----------ion----------- re-----------cor-----------ded----------- a -----------fin-----------anc-----------e l-----------eas-----------e a-----------t $-----------300-----------,00-----------0 o-----------n J-----------anu-----------ary----------- 1,----------- 20-----------14.----------- Th-----------e i-----------nte-----------res-----------t r-----------ate----------- is----------- 12-----------%. -----------Kle-----------ckn-----------er -----------Cor-----------por-----------ati-----------on -----------mad-----------e t-----------he -----------fir-----------st -----------lea-----------se -----------pay-----------men-----------t o-----------f $-----------53,-----------920----------- on----------- Ja-----------nua-----------ry -----------1, -----------201-----------4. -----------The----------- le-----------ase----------- re-----------qui-----------res----------- ei-----------ght----------- an-----------nua-----------l p-----------aym-----------ent-----------s. -----------The----------- eq-----------uip-----------men-----------t h-----------as -----------a u-----------sef-----------ul -----------lif-----------e o-----------f 8----------- ye-----------ars----------- wi-----------th -----------no -----------res-----------idu-----------al -----------val-----------ue.----------- Pr-----------epa-----------re -----------Kle-----------ckn-----------er -----------Cor-----------por-----------ati-----------onâ-----------€™s----------- De-----------cem-----------ber----------- 31-----------, 2-----------014-----------, a-----------dju-----------sti-----------ng -----------ent-----------rie-----------s. ----------- An-----------swe-----------r: ----------- I-----------nte-----------res-----------t e-----------xpe-----------nse----------- to----------- be----------- de-----------bit-----------ed -----------= (-----------$30-----------0,0-----------00 ------------ 5-----------3,9-----------20)-----------
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