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Martinez Corporation

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Martinez Corporation manufactures replicators. On January 1, 2017, it leased to Althaus Company a replicator thathad cost $110,300 to manufacture. The lease agreement covers the 5-year useful life of the replicator andrequires 5 equal annual rentals of $38,400 payable each January 1, beginning January 1, 2017. An interest rateof 12% is implicit in the lease agreement. Collectibility of the rentals is reasonably assured, and there are noimportant uncertainties concerning costs. Prepare Martinez’s January 1, 2017, journal entries. (Credit account titles are automatically indented whenamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accounttitles and enter a for the amounts. Round present value factor calculations to 5 decimal places, e.g.1.25124 and the final answer to 0 decimal places e.g. 58,971.) Click here to View factor tables Date Account Titles and Explanation Debit Credit —ES (To record the lease.) —ES (T 0 record cost.) —EE (f0 record ?rst lease payment.)


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