Please do step by step calculation Sheridan Corporation, which uses ASPE, manufactures replicators....
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Please do step by step calculation
Sheridan Corporation, which uses ASPE, manufactures replicators. On May 29,2023 , it leased to Bonita Limited a replicator that cost $266,000 to manufacture and usually sells for $421,000. The lease agreement covers the replicator's 4 -year useful life and requires four equal annual rentals of $111,729 each, beginning May 29,2023 . The equipment reverts to Sheridan at the end of the lease, at interest rate of 10% is implicit in the lease agreement. Collectibility of the rentals is reasonably assured, and there are important uncertainties concerning costs. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Prepare Sheridan's May 29, 2023 journal entries. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.)
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