Godo On January 1, 2020, Blue Animation sold a truck to Peete, Finance for $40,000 and immediately leased it back. The truck was carriedon Blue's books at $35,000. The term of the lease is 5 years, there is no bargain purchase option, and title does not transfer to Blueat lease end. The lease requires 5 equal rental payments of $9,239 at the end of each year (first payment on January 1, 2018). Theappropriate rate of interest is 5%, the truck has a useful life of 5 years, with no expected residual value at the end of the lease term.Prepare Blue's 2020 journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places, e.g.5,275. Record journal entries in the order presented in the problem.)Click here to view factor tables.Date1/1/2012/31/20 VAccount Titles and ExplanationeTextbook and MediaList of AccountsSave for LaterDebitAttempts: 2 of 5 usedCreditSubmit Answer

The company should be needs to record the leaseback transactions.

Answered: Prepare Blue's 2020 journal entries.…

Prepare Blue's 2020 journal entries. (Cred

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Stellar Company began operations on January 2, 2019. It employs 10 individuals who work 8- hour days and are paid hourly. Each employee earns 11 paid vacation days and 7 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual Hourly Wage Rate 2019 $9 (a) 2020 $10 2020 Vacation Days Used by Each Employee 2019 0 2020 Salaries and Wages Expense 10 Salaries and Wages Payable. Stellar Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned. Sick Days Used by Each Employee 2020 2019 Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are…
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