The following relate to an operating lease agreement: a. The lease term is 3 years, beginning January 1, 2016. b. The leased asset cost the

Academic Writing accounting, business-managerial-accounting The following relate to an operating lease agreement: a. The lease term is 3 years, beginning January 1, 2016. b. The leased asset cost the

accounting, business-managerial-accounting

The following relate to an operating lease agreement: a. The lease term is 3 years, beginning January 1, 2016. b. The leased asset cost the

The following relate to an operating lease agreement: a. The lease term is 3 years, beginning January 1, 2016. b. The leased asset cost the lessor $800,000 and had a useful life of eight years with no residual value. The lessor uses straight-line depreciation for its depreciable assets. c. Annual lease payments at the beginning of each year were $137,000. d. Costs of negotiating and consummating the completed lease transaction incurred by the lessor were $2,400. Required: Prepare the appropriate entries for the lessor from the inception of the lease through the end of the lease term.

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