On July 1,2016,Jupiter Company leased equipment to Planet Company.The terms of the lease are as follows:
Planet uses straight-line depreciation for its property,plant,and equipment,and its year -end is December 31.
Required:
Prepare the journal entries for the lessee from July 1 through December 31,2016.

Question

On July 1,2016,Jupiter Company leased equipment to Planet Company.The terms of the lease are as follows:
  Planet uses straight-line depreciation for its property,plant,and equipment,and its year -end is December 31.
Required:
Prepare the journal entries for the lessee from July 1 through December 31,2016.

Quizplus · Accepted Answer

The Answer of On July 1,2016,Jupiter Company leased equipment to Planet Company.The terms of the lease are as follows:
  Planet uses straight-line depreciation for its property,plant,and equipment,and its year -end is December 31.
Required:
Prepare the journal entries for the lessee from July 1 through December 31,2016.

On July 1,2016,Jupiter Company Leased Equipment to Planet Company