Ryan Corporation Entered into the Following Transactions

question 3

Essay

Ryan Corporation entered into the following transactions:
1. Hewitt Car Rental leased a car to Ryan Corporation for one year. Terms of the operating lease call for monthly payments of $750.
2. On January 1, 2017, Ryan Corporation entered into an agreement to lease 20 machines from Meeks Corporation. The terms of the lease agreement require an initial payment of $210,000 and then three annual rental payments of $210,000 beginning on December 31, 2017. The present value of the three rental payments is $522,238. The lease is a capital lease.
Instructions
Prepare the appropriate journal entries to be made by Ryan Corporation in January related to the lease transactions.

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Definitions:

Phonology

The branch of linguistics that studies the sound systems of languages and their function in communication.

Regularization

In machine learning, a technique used to prevent overfitting by adding a penalty on the magnitude of model coefficients.

Language-like

Pertaining to systems or behaviors that resemble human language in complexity or structure.

Armadillos

A group of New World placental mammals known for their leathery armor shell.