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QUESTION
I'm having an issue working this problem. The examples from Wiley Plus are not this complex. Practice Problem: 21-1: SunlandCo. leases equipment...
6.
Show more Sunland desires a 8% rate of return on its investments. Coronado's incremental borrowing rate is 12%. Sunland's implicit rate is unknown to Coronado. Instructions (Assume the accounting period ends on December 31.)
B: Calculate the amount of the annual rental payment required.
C: Prepare the journal entries Sunland would make in 2017 and 2018.
D: Compute the present value of the minimum lease payments for Coronado.
E: Prepare the journal entries Coronado would make in 2017 and 2018 related to the lease arrangement.
