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On January 1, 2010, Ball Co. leases a bulldozer from CAT Co. for 4 years...

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Accounting

On January 1, 2010, Ball Co. leases a bulldozer from CAT Co. for 4 years at $10,000 per year. The lease payments are due at the end of each year. The useful life of that bulldozer is 5 years. There is no bargain purchase option at the end of the lease term. The market interest rate is 10%. Ball Co. uses straight-line depreciation.

What should Ball Co. recognize for this lease in journal entries on 1/1/2010 and 12/31/2010?

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