Hewitt Car Rental leased a car to Ryan Corporation 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, 2011, Ryan Corporation entered into an agreement to lease 20 machines from Meeks Corporation. The terms of the lease agreement require an initial payment of $175,000 and then three annual rental payments of $210,000 beginning on December 31, 2011. 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. Economics Assignment Help, Economics Homework help, Economics Study Help, Economics Course Help
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