Python Company leased equipment from Hope Leasing on January 1, 2013. Hope purchased the equipment at a cost of $222,664.
Other information: There is no expected residual value.
Required:
Prepare appropriate journal entries for Python for 2013. Assume straight-line depreciation and a December 31 year-end.

Question

Python Company leased equipment from Hope Leasing on January 1, 2013. Hope purchased the equipment at a cost of $222,664.
Other information:  There is no expected residual value.
Required:
Prepare appropriate journal entries for Python for 2013. Assume straight-line depreciation and a December 31 year-end.

Quizplus · Accepted Answer

The Answer of Python Company leased equipment from Hope Leasing on January 1, 2013. Hope purchased the equipment at a cost of $222,664.
Other information:  There is no expected residual value.
Required:
Prepare appropriate journal entries for Python for 2013. Assume straight-line depreciation and a December 31 year-end.

Python Company Leased Equipment from Hope Leasing on January 1