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On January 1, 2020, Tiffany Company leased new equipment to Masy’s
Corporation. The equipment cost Tiffany $180,000. The lease agreement
specified that Masy’s is to make five annual lease payments (on January 1,
beginning January 1, 2020) to yield Tiffany a 5% return. The equipment has
a five-year useful life with an unguaranteed residual value of $9,000. In
December 2019, Tiffany paid Masy’s $1,000 as an incentive to sign the
lease and Masy’s paid legal fees of $500 related to the execution of the
lease. Ownership of the lease asset remains with Tiffany at the end of the
lease term. Masy’s is aware of the implicit interest rate used by Tiffany. The
accounting period for Masy’s ends December 31.
Required:
a. Compute the annual fixed lease payment.
b. What type of lease is this to the lessee? Explain.
c. Provide all journal entries associated with this lease for the lessee for the
years ended December 31, 2020, and 2021.
We have been offering dedicated medical and nursing writing services to nursing students for several years. Our nursing papers are meticulously crafted to meet the highest academic standards and adhere to the prescribed referencing formats, including APA, MLA, and Chicago style. Our team comprises seasoned nursing writers who possess extensive knowledge and expertise across a wide range of nursing topics. Whether it’s assignments, research papers, case studies, literature reviews, or any other task, our writers are well-equipped to handle them proficiently.
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