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On January 2, 2019, Denny Corp. enters into five-year finance lease for machinery with annual year-end payments of $15,000. The present value of the six annual lease payments is $65,000. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

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Tundexi

Answer:

Instead of Right of use asset, machinery account can alternatively be used.

Date       General Journal          Debit       Credit

Jan 2      Right of use asset     $65,000

                    Lease Liability                     $65,000

               (To record lease)

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