(Answered) Question - on january 1 2012 irwin animation sold a truck

Accounting

Question - On January 1, 2012, Irwin Animation sold a truck to Peete Finance for $27,700 and immediately leased it back. The truck was carried on Irwin's books at $20,800. The term of the lease is 5 years, and title transfers to Irwin at lease-end. The lease requires five equal rental payments of $7,495 at the end of each year. The appropriate rate of interest is 11%, and the truck has a useful life of 5 years with no salvage value. Prepare Irwin's 2012 journal entries.

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