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Prepare Moxey September journal entries

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Question - Blossom Corporation, which uses ASPE, enters into a 6-year lease of equipment on September 1, 2020, that requires 6 annual payments of $29,300 each, beginning September 1, 2020. In addition, Blossom guarantees the lessor a residual value of $16,600 at lease end. The equipment has a useful life of seven years. Assume that for Moxey Corporation, the lessor, collectibility is reasonably predictable, there are no important uncertainties concerning costs, and the equipment's carrying amount is $133,000. Prepare Moxey's September 1, 2020 journal entries, assuming an interest rate of 9%.

Reference no: EM133169279

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