Brief Exercise 21A-28 Brent Corporation owns equipment that cost $80,000 and has

Question

Brief Exercise 21A-28 Brent Corporation owns equipment that cost $80,000 and has a useful life of 8 years with no salvage value. On January 1, 2017, Brent leases the equipment to Havaci Inc. for one year with one rental payment of $15,000 on January 1 Assuming Havaci (lessee) elects to use the short-term lease exception, prepare Havaci's 2017 journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Qpen Show Work

Explanation / Answer

Account Titles and Explanation Debit Credit Rent Expense $15,000 Cash $15,000

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