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Prepare Journal Entries for Danny Ainge Co

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Reference no: EM132922418

Question - On January 1, 2021, The Danny Ainge Co. leased printing equipment from Laker LeaseCorp. Lease term = 3 years Useful life = 4 years Semiannual lease payments of $164,000 at the beginning of each period Interest rate = 14% Unguaranteed residual value = $50,000 Maintenance Fees = $4,000/twice each year (included in the payments) Lessor's initial indirect costs = $5,000 Cost to produce the printing machine = $550,000 After the fact, you determine that your actual Residual Value is $20,000.

Required - Prepare Journal Entries for Danny Ainge Co. and Laker LeaseCorp on December 31, 2021?

Reference no: EM132922418

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