Question: A leased equipment from B on January 1, 2014. The equipment has a <a href=fair value of $3,000,000. The l…” />

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Question: A leased equipment from B on January 1, 2014. The equipment has a fair value of $3,000,000. The l…
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Show transcribed image text A leased equipment from B on January 1, 2014. The equipment has a fair value of $3,000,000. The lease requires six equal payments at the end of each year. The useful life of the machine was expected to be six years with no residual value. The appropriate interest rate for this lease is 10%. Please make the entries for A and for B for the period 01/02/2014 through 12/31/2015.

A leased equipment from B on January 1, 2014. The equipment has a fair value of $3,000,000. The lease requires six equal payments at the end of each year. The useful life of the machine was expected to be six years with no residual value. The appropriate interest rate for this lease is 10%. Please make the entries for A and for B for the period 01/02/2014 through 12/31/2015.

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