Wayne amp compnay inc a construction equipment manufacturer, Ask an Expert

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Wayne & Compnay, Inc., a construction equipment manufacturer, leased equipment that it manufactured to Indiana Industrial Builders, Inc on Jan 1, 2013. The equipmentcost R. Wayne $800,000 and has a sales price of $1,200,000. The lease requires 6 annual payments of $270,691, one made on Jan 1, 2013 at the signing ad the rest made at the end of each year beginning Dec 31, 2013. The lease qualifies as a sales-type capital lease for R.Wayne & Company.

a.)Prepare Journal entries that the Wayne & Company, Inc. would make on January 1, 2013.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9966603

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