Question is how to post equipment that was purchases with Equity. We were leasing a combine and header. Lease was up and turned combine in on new lease combine. There was equity- Payments made less residual = $26000.00 Equity. We used that equity to purchase the header. How do I post this? Do we have to declare the equity as income?
ADMIN RESPONSE
Feb 10, 2025
Hi Debbie,
I believe that the answer to that question is yes - but to make sure, please check with your accountant.
