Python Company leased equipment from Hope Leasing on January 1, 2009. Hope purchased the equipment at a cost of $222,666.
There is no expected residual value.
Required:
Prepare appropriate journal entries for Python for 2009. Assume straight-line depreciation and a December 31 year-end.

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The Answer of Python Company leased equipment from Hope Leasing on January 1, 2009. Hope purchased the equipment at a cost of $222,666.
There is no expected residual value.
Required:
Prepare appropriate journal entries for Python for 2009. Assume straight-line depreciation and a December 31 year-end.

Python Company Leased Equipment from Hope Leasing on January 1