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question starfleet corporation manufactures replicators on january 1 2018 it leased 4290797

Question

Starfleet Corporation manufactures replicators. On January 1, 2018, it leased to Ferengi Company a replicator that had cost $110,000 to manufacture. The lease agreement covers the 5-year useful life of the replicator and requires 5 equal annual rentals of $45,400 each. The first rental payment is made on January 1, 2018. An interest rate of 12% is implicit in the lease agreement. Collectbility of the rentals is reasonably assured, and there are no important uncertainties concerning costs.

1) Prepare Starfleet's (lessor) January 1, 2018 journal entries.

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