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Was the transaction recorded correctly by the company

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Question - To reduce its manufacturing costs, and due to potential increased government regulations that encourage and subsidize clean energy manufacturing practices, the company considered upgrading its manufacturing equipment. Crisp-Drinks entered into an agreement with a solar-power energy-efficient equipment manufacturer. Under the two-year agreement, the company would use the manufacturing equipment in its facilities for an annual fee. Crisp-Drinks reported this equipment on its balance sheet and described clearly the use of the equipment in its footnotes to property, plant, and equipment. Was the transaction recorded correctly by the company, or is this a possible fraud?

Reference no: EM132714856

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