illustration(lessee and lessor computations and entries ) on jon.1. 2007 velde company (lessee entered in to a four year non cancllable contract to lease a computer for exceptional computer company (lessor)an nual rentals of 16.228 are to be paid each jon 1 the cost of the company to exceptional computer company was 60.000 and has on estimate use ful life of four years velde value of 5.000 velde has on incremental borrowed rate of 12%.but has knowledge that exceptional computer company used a rate of 10%in setting annual rentals collection of the rentals is reasonable predictablle and there are no important uncertainties regarding future un reimbursable cost to be incurred by the lessor. A. put of minimum leas this? B.what types of lease this? C.prepared lease amortisation schedule ? D.recod journal entries?
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