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Prepare kingbird january journal entries

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Kingbird Corporation manufactures replicators. On January 1, 2017, it leased to Althaus Company a replicator that had cost $102,900 to manufacture. The lease agreement covers the 5-year useful life of the replicator and requires 5 equal annual rentals of $44,300 payable each January 1, beginning January 1, 2017. An interest rate of 11% is implicit in the lease agreement. Collectibility of the rentals is reasonably assured, and there are no important uncertainties concerning costs.

Question 1: Prepare Kingbird's January 1, 2017, journal entries.

Reference no: EM132586320

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Prepare kingbird january journal entries : Prepare Kingbird's January 1, 2017, journal entries.Kingbird Corporation manufactures replicators. On January 1, 2017, it leased to Althaus Company
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