Hurricane Company leased an excavator on January 1, 2018. According to the terms of the...
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Accounting
Hurricane Company leased an excavator on January 1, 2018. According to the terms of the agreement, Hurricane Company will pay 30.000 TL for 5 years, starting from January 1, 2019. The interest rate of the agreement is 10%. The net present value of the future payments is 113.723,6 TL. The useful life is estimated as 8 years. No residual value is estimated. Straight-line method of depreciation is utilized. Prepare the lease amortization table and make the journal entries for this lease.
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