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Prepare Sunland Camping required journal entries

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Question - On September 15, 2020, Sunland Camping Limited, the lessee, entered into a 20-year lease with Sullivan Corp. to rent a parcel of land at a rate of $31,080 per year. Both Sunland and Sullivan use ASPE. The annual rental is due in advance each September 15, beginning in 2020. The land has a current fair value of $203,000. The land reverts to Sullivan at the end of the lease. Sunland Camping's incremental borrowing rate and Sullivan's implicit interest rate are both 9%. Prepare Sunland Camping's required journal entries on September 15, 2020, and at December 31, 2020, its year end.

Reference no: EM133064891

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