On january 1, 2018, maywood hydraulics leased drilling equipment from aqua leasing for a three-year period ending december 31, 2018, at which time possession of the leased asset will revert back to aqua
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To lease something means giving the permission of something that belongs to you, to a third party for a specified period of time
Required:
1. Prepare the appropriate entry for maywood on january 1, 2018 to record the lease.
2. Prepare all appropriate entries for maywood on december 31, 2018, related to the lease.
An agreement is signed between the “lessor” and “lessee”. The lessor is resource owing person and the lessee is the person who gets the resource. The time in which right to use the resource for a particular time is called lease contract.
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