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HCL leased equipment from YWH Company, beginning on December 31, 2016. The lease term is...

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Accounting

HCL leased equipment from YWH Company, beginning on December 31, 2016. The lease term is 4 years and requires equal rental payments of $41,933 at the beginning of each year of the lease starting on the commencement date (December 31, 2016). The equipment has a fair value at the commencement date of the lease of $150,001, an estimated useful life of 4 years, and no estimated residual value. The appropriate interest rate is 8%. A)what is a journal entry to be made on Dec. 31, 2016? B)WHAT is the journal entry to be made on Dec. 31, 2017?

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