Sandhill Ltd, a public company following IFRS, recorded a right-of-use asset and lease liability at $171,450 on May 1, 2023. The interest rate is 12%. Sandhill made the first lease, ment of $28,730 on May 1, 2023. The lease requires a total of 9 annual payments. The equipment has a useful life of t with no residual value. Assume that at December 31, 2023, Sandhill made an adjusting entry to accrue interest expense of $11.4 the lease Prepare Sandhill's May 1, 2024 journal entry to record the second lease payment of $28.730. Assume that no reversing entries are made. (List all debit entries before credit entries. Credit account titles. e automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts Round answers to d imal places, eg 5,275) Date May 1, 2024 Account Titles and Explanation Debit Credit

Sandhill Ltd, a public company following IFRS, recorded a right-of-use asset and lease liability at $171,450 on May 1, 2023. The interest rate is 12%. Sandhill made the first lease, ment of $28,730 on May 1, 2023. The lease requires a total of 9 annual payments. The equipment has a useful life of t with no residual value. Assume that at December 31, 2023, Sandhill made an adjusting entry to accrue interest expense of $11.4 the lease Prepare Sandhill's May 1, 2024 journal entry to record the second lease payment of $28.730. Assume that no reversing entries are made. (List all debit entries before credit entries. Credit account titles. e automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts Round answers to d imal places, eg 5,275) Date May 1, 2024 Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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