Braun Company acquired a piece of equipment from Tipper Comp…
Braun Company acquired a piece of equipment from Tipper Company under a lease. The lease requires eight annual lease payments of $30,000 with the first payment due when the lease begins, on January 1, 2020. Future lease payments are due on January 1 of each year of the lease term. The interest rate in the lease is 6%. What amount should Braun Company debit the equipment account on the date of acquisition.