On January 2, 2019, Lafayette Machine Shops Inc. signed a 10-year noncancelable lease for a heavy-duty drill press, stipulating annual payments of $15,000 starting at the end of the first year, with title passing to Lafayette at the expiration of the lease. Lafayette treated this transaction as a finance lease. The drill press has an estimated useful life of 15 years with no salvage value. Lafayette uses straight-line depreciation for all of its fixed assets. Aggregate lease payments were determined to have a present value of $92,170, based on implicit interest of 10%. For 2019, Lafayette should record:
Financial And Managerial Accounting
Managerial Accounting: The Cornerstone of Business Decision-Making
Corporate Financial Accounting
Accounting Information Systems
Financial & Managerial Accounting
College Accounting, Chapters 1-27
Financial Accounting
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
Foundations of Business (MindTap Course List)
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Essentials of Economics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Management, Loose-Leaf Version
Principles of Economics (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
MKTG 12:STUDENT ED.-TEXT
Accounting Information Systems
Essentials of Business Communication (MindTap Course List)
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Contemporary Marketing
Accounting (Text Only)
Financial Accounting
Financial & Managerial Accounting
College Accounting (Book Only): A Career Approach
Statistics for Business & Economics, Revised (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Exploring Economics
College Accounting (Book Only): A Career Approach
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Fundamentals of Financial Management (MindTap Course List)
Pkg Acc Infor Systems MS VISIO CD
Principles of Macroeconomics (MindTap Course List)
Corporate Financial Accounting
Survey of Accounting (Accounting I)
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Purchasing and Supply Chain Management
Economics For Today
Cornerstones of Cost Management (Cornerstones Series)
Macroeconomics
Economics (MindTap Course List)
Practical Management Science
Cornerstones of Financial Accounting
Managerial Accounting
Micro Economics For Today
MACROECONOMICS FOR TODAY
Understanding Management (MindTap Course List)
Principles of Microeconomics
Macroeconomics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)