Blossom Corporation manufactures drones. On December it leased to Cullumber Company a drone that had cost
$ to manufacture. The lease agreement covers the year useful life of the drone and requires equal annual rentals of
$ payable each December beginning December An interest rate of is implicit in the lease agreement.
Collectibility of the rentals is probable.
Prepare Blossom's December journal entries. List all debit entries before credit entries. Credit account titles are automaticc
indented when amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter O for tl
amounts. For calculation purposes, use decimal places as displayed in the factor table provided and round final answers to decimal pla
eg
Click here to view factor tables.
