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Determine the amount that should be expensed each year

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Problem - On May 6th, Jenny's Resume Services Co. was decided on a capital lease for a photocopier. The ownership of the $6,500 photocopy transfers to Jenny's Resume Service Co. at the end of the lease.

(a) Record the entry by the lessee, Jenny's Resume Services Co, to recognize the capital lease.

(b) If the photocopier has a useful life of 6 years, with a residual value of zero at the end of its life, determine the amount that should be expensed each year.

(c) What would be the entry by the lessee if the lease was an operating lease of $100/month. You do not need to record date or explanation. You can indicated Dr./Cr in your typed answer or can insert a table to create the journal lines.

Reference no: EM132921238

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