Nathanson Corporation was organized on May 1, 2014. The following events occurred during the first month. a. Received $67,000 cash from the five investors who organized Jameson Corporation. Each investor received 107 shares of $10 par value common stock.
b. Ordered store fixtures costing $17,000.
c. Borrowed $17,000 cash and signed a note due in two years.
d. Purchased $14,000 of equipment, paying $1,300 in cash and signing a six-month note for the balance.
e. Lent $1,700 to an employee who signed a note to repay the loan in three months.
f. Received and paid for the store fixtures ordered in (b).

Required:
Prepare journal entries for each transaction.

Each of the four independent situations below describes a sales-type lease in which annual lease payments of $12,500 are payable at the beginning of each year. each is a finance lease for the lessee. (fv of $1, pv of $1, fva of $1, pva of $1, fvad of $1 and pvad of $1) (use appropriate factor(s) from the tables provided.) situation 1 2 3 4 lease term (years) 3 3 3 3 asset’s useful life (years) 3 4 4 6 lessor’s implicit rate (known by lessee) 14 % 14 % 14 % 14 % residual value: guaranteed by lessee 0 $ 5,000 $ 2,500 0 unguaranteed 0 0 $ 2,500 $ 5,000 purchase option: after (years) none 2 3 3 exercise price n/a $ 7,500 $ 1,500 $ 3,500 reasonably certain? n/a no no yes