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On January 1, 20X1 Black Corp. enters into a lease contract. The lease arrangement is for 5 years, has a bargain purchase option, but no residual value guarantee. The expected useful life of the asset is 6 years and it has a salvage value of $10,000. The initial value of the lease asset (and liability) is $610,000. Lease payments are end-of-year payments of $117,239. Black's incremental borrowing rate is 5% and the implicit rate for this lease is unknown. Record the journal entries (accounts and amounts) for this lease arrangement related to the lease liability that would be made on December 31, 20X1.
Problem 1: Record the journal entry (accounts and amounts) related to the lease asset that would be made on December 31, 20X1. Hint: think depreciation expense.
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