Company just entered into a long-term purchase/loan agreement--60 months. AT the end of 60 months, we are owners of the an air compressor. There is no buyout $ at end of lease.
The price of unit is $15,200.00, + tax $1064.00. Monthly payments = $305.09
I'm not sure how to entered this; reading posts prior to coming here to ask the community, some say use JE, others say never use JE.
What is the best way to enter this lease/purchase, and do I need to have a separate tax account for the sale tax?
Thank you.
QBDT 2019 Premier
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