Answer to Question #331702 in Accounting for ssss

Question

The engineering team just signed a lease contract for equipment for a period of 5 years and the equipment has a useful life of 6 years. The monthly lease payment is $100 each month, the value of the equipment is $7,000 new with $0 salvage value. At the end of the first month, what journal entries should be recorded to account for this under ASPE?

Answer 1

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