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kirill115 [55]
3 years ago
13

On January 1, 2021, Calloway Company leased a machine to Zone Corporation. The lease qualifies as a sales-type lease. Calloway p

aid $330,000 for the machine and is leasing it to Zone for $40,000 per year, an amount that will return 10% to Calloway. The present value of the lease payments is $330,000. The lease payments are due each January 1, beginning in 2021. What is the appropriate interest entry on December 31, 2021
Business
1 answer:
mestny [16]3 years ago
5 0

Answer:

Dr Interest receivable $29,000

Cr Interest revenue $29,000

Explanation:

Preparation of the appropriate interest entry on December 31, 2021

December 31, 2021

Dr Interest receivable $29,000

Cr Interest revenue $29,000

[($330,000-$40,000)*10%]

($290,000*10%)

(To record Interest)

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