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Prepare brambles journal entries

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Question - On January 1, 2020, Bramble Animation sold a truck to Peete Finance for $35,000 and immediately leased it back. The truck was carried on Bramble's books at $31,000. The term of the lease is 5 years, there is no bargain purchase option, and title does not transfer to Bramble at lease-end. The lease requires 5 equal rental payments of $7,862 at the end of each year (first payment on January 1, 2018). The appropriate rate of interest is 4%, the truck has a useful life of 5 years, with no expected residual value at the end of the lease term.

Required - Prepare Bramble's 2020 journal entries.

Reference no: EM132537474

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