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Lotsa Bucks leased equipment to Shannon Company on January 1, 2024. .pdf

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Lotsa Bucks leased equipment to Shannon Company on January 1, 2024. The lease payments were calculated to provide the lessor a 10% return. Ten annual lease payments of $20,000 are due at the beginning of each year beginning January 1, 2024. The present value of an annuity due of $1 at 10% for ten periods is 6.75902. Required: Prepare the journal entries to record the lease by Shannon on January 1, 2024, and on December 31, 2024, the end of the reporting period. Consider this to be a finance lease. Prepare the journal entries to record the lease by Shannon on January 1, 2024, and on December 31, 2024, the end of the reporting period. Consider this to be an operating lease. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts..

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Lotsa Bucks leased equipment to Shannon Company on January 1, 2024. The lease payments were calculated to provide the lessor a 10% return. Ten annual lease payments of $20,000 are due at the beginning of each year beginning January 1, 2024. The present value of an annuity due of $1 at 10% for ten periods is 6.75902. Required: Prepare the journal entries to record the lease by Shannon on January 1, 2024, and on December 31, 2024, the end of the reporting period. Consider this to be a finance lease. Prepare the journal entries to record the lease by Shannon on January 1, 2024, and on December 31, 2024, the end of the reporting period. Consider this to be an operating lease. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.

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