On January 1, 2016, Christopher Properties sold a building to another company and immediately leased it back again. The Christopher' book value for the building was $15,480. The lease was for five years with $5,000 payable at the end of each year. The payments, discounted at 11%, equaled $18,480. Which entry would Christopher Properties not make in 2016?
A) Depreciation Expense: Leased Asset 3,790Accumulated Depreciation:Leased Asset 3,790
B) Cash 18,480Building 15,480Profit on Sale-Leaseback 3,000
C) Leased Equipment Under Capital Leases 18,480Obligation Under Capital Leases 18,480
D) Obligation Under Capital Leases 2,967Interest Expense 2,033Cash 5,000
B
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