Prepare the journal entries the city should make

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Reference no: EM133922800

Problem

The City of Bear Grove entered into a 5-year lease agreement with Cliffside Copier Company for the lease of three copiers. The City has agreed to make an initial payment of $1,933 and monthly payments in the same amount for the next 59 months. At a 6 percent discount rate, the present value of the lease payments totals $100,500. Get the instant assignment help. Prepare the journal entries the city should make in both the General Fund general journal and the governmental activities general journal to record the lease at the date of inception.

Reference no: EM133922800

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