Hughey Co. as lessee records a capital lease of machinery on January 1, 2014. The seven annual lease payments of $702,300 are made at the end of each...

Interest on Receivable/Liability Reduction in Receivable/Liability Lease Receivable/Liability

1/1/14$

12/31/14$

$

$

12/31/15

SHOW LIST OF ACCOUNTS

Hughey's journal entries for 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places e.g. 5,275.)

Account Titles and Explanation

Debit

Credit

(To record the lease.)

(To record the first lease payment.)

(To record depreciation.)