Multiple Choice
A five-year lease is signed by the City of Wachovia for equipment with a seven-year life. The asset will be returned to the lessor at the end of the lease. The present value of the lease is $20,000, and annual payments of $5,411.41 are payable beginning on the date the lease is signed. The interest portion of the second payment is $1,604.75. The equipment is to be used in City Hall and was purchased from appropriated funds of the General Fund.
What entry should be made for the government-wide financial statements one year from the date the lease is signed?
A) Option A
B) Option B
C) Option C
D) Option D
E) Option E
Correct Answer:
Verified
Correct Answer:
Verified
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