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Prepare Headland January journal entries

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Question - Headland Corporation manufactures replicators. On January 1, 2017, it leased to Althaus Company a replicator that had cost $111,400 to manufacture. The lease agreement covers the 5-year useful life of the replicator and requires 5 equal annual rentals of $41,900 payable each January 1, beginning January 1, 2017. An interest rate of 12% is implicit in the lease agreement.

Collectability of the rentals is reasonably assured, and there are no important uncertainties concerning costs.

Required - Prepare Headland's January 1, 2017, journal entries.

Reference no: EM132578380

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