The Controller of the Berg Corporation started the following amortization table as it relates to a lease.: Date Annual Lease Payments Interest at the rate of 11% Reduction of Liability Liability Lease Inception January 2 2015 $73,753 January ,1 2015 $12,000 0 121,000 $61,753 December 31,2015 Complete the table. Prepare the journal entry to record the lease on the books. Record the December 31 ,2015 journal entry.
The Controller of the Berg Corporation started the following amortization table as it relates to a lease.: Date Annual Lease Payments Interest at the rate of 11% Reduction of Liability Liability Lease Inception January 2 2015 $73,753 January ,1 2015 $12,000 0 121,000 $61,753 December 31,2015 Complete the table. Prepare the journal entry to record the lease on the books. Record the December 31 ,2015 journal entry.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter10: Long-term Liabilities
Section: Chapter Questions
Problem 10.7E
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The Controller of the Berg Corporation started the following amortization table as it relates to a lease.:
Date |
Annual Lease Payments |
Interest at the rate of 11% |
Reduction of Liability |
Liability |
Lease Inception January 2 2015 |
$73,753 |
|||
January ,1 2015 |
$12,000 |
0 |
121,000 |
$61,753 |
December 31,2015 |
||||
- Complete the table.
- Prepare the
journal entry to record the lease on the books. - Record the December 31 ,2015 journal entry.
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