Impact of Transactions Involving Capital Leases on Statement of Cash Flows Assume that Garnett…

Impact of Transactions Involving Capital Leases on Statement of Cash Flows Assume that Garnett…

Impact of Transactions Involving Capital Leases on Statement of Cash Flows

Assume that Garnett Corporation signs a lease agreement with Duncan Company to lease a

piece of equipment and determines that the lease should be treated as a capital lease. Garnett

records a leased asset in the amount of $53,400 and a lease obligation in the same amount on its

balance sheet.

 

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