On January 1, 2018, Brown Sofa International leased equipment from Smith Enterprises. Other information: Lease term 4 years Annual payments $47,000 on January 1 each year Life of asset 4 years Implicit interest rate 8% PV, annuity due, 4 periods, 8% 3.5771 PV, ordinary annuity, 4 periods, 8% 3.3121
There is no expected residual value.
Required:
Prepare appropriate journal entries for Brown Sofa International for 2018 and 2019. Assume straight-line amortization and a December 31 year-end. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field. Round your answers to the nearest whole dollar amounts.)
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