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Diablo Company leased a machine from Juniper Corporation on January 1, 2011; the machine has a fair value of $20,000,000. The lease agreement call for four equal payments at the end of each year the useful life of the machine was expected to be four years with no residual value. The appropriate interest rate for this lease is 10%.
Additional InformationPV of an ordinary annuity @10% for 4 periods 3.16987PV of an annuity @ 10% for 4 periods 3.4869
Required
Determine the amount of each lease payment
Prepare the journal entry for Diablo Company at the inception of the lease.
Prepare the journal entry for the first lease payment.
Prepare the journal entry for the second lease payment.
The cost of the merchandise returned was $40,000. The accountant recorded all the returns and allowances by debiting the sales account and crediting Cost of Merchandise Sold for $65,900. Was the accountant's method of recording returns acceptable?..
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