Business, 30.05.2020 18:58 dollaass17

On January 1, 2020, Sarasota Animation sold a truck to Peete Finance for $48,000 and immediately leased it back. The truck was carried on Sarasota’s books at $44,000. The term of the lease is 5 years, there is no bargain purchase option, and title does not transfer to Sarasota at lease-end. The lease requires 5 equal rental payments of $11,395 at the end of each year (first payment on January 1, 2018). The appropriate rate of interest is 6%, the truck has a useful life of 5 years, with no expected residual value at the end of the lease term. Prepare Sarasota’s 2020 journal entries.

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On January 1, 2020, Sarasota Animation sold a truck to Peete Finance for $48,000 and immediately lea...

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