Business, 18.08.2021 19:10 lovedebrap11ih4
Pearl Corporation enters into a 5-year lease of equipment on December 31, 2019, which requires 5 annual payments of $36,900 each, beginning December 31, 2019. In addition, Pearl guarantees the lessor a residual value of $21,400 at the end of the lease. However, Pearl believes it is probable that the expected residual value at the end of the lease term will be $10,700. The equipment has a useful life of 5 years. Prepare Pearls' December 31, 2019, journal entries assuming the implicit rate of the lease is 10% and this is known to Pearl. g
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Pearl Corporation enters into a 5-year lease of equipment on December 31, 2019, which requires 5 ann...
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