| adjusting entries for capital lease amortization
on 10/1/06 signed lease for copier and made first 3 payemnts of 300, lease was singed for 36 months@ $100 per month
the entry that i have made at 10/1/06 was:
Debit lease expense 300
Credit cash 300
for adjusting entry end of 2006 following information was given:
fair market value of the copier is $3500, the implicit rate is 7%
i have hard time preparing amortization scadule and coming up with adjusting entry
can somebody plzzzz help me get started on this problem
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