On January 1 of the current year,Fields Corporation leased a machine from Kilmer Company.The machine originally cost Kilmer $450,000.The lease is an operating lease that requires for five annual payments of $54,000 beginning on January 1 of the current year.Which of the following journal entries should Kilmer record on January 1 of the current year?
A)

B)

C)

D)

Question

On January 1 of the current year,Fields Corporation leased a machine from Kilmer Company.The machine originally cost Kilmer $450,000.The lease is an operating lease that requires for five annual payments of $54,000 beginning on January 1 of the current year.Which of the following journal entries should Kilmer record on January 1 of the current year?
A)

B)

C)

D)

Quizplus · Accepted Answer

The Answer of On January 1 of the current year,Fields Corporation leased a machine from Kilmer Company.The machine originally cost Kilmer $450,000.The lease is an operating lease that requires for five annual payments of $54,000 beginning on January 1 of the current year.Which of the following journal entries should Kilmer record on January 1 of the current year?

On January 1 of the Current Year,Fields Corporation Leased a Machine