Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1 Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2018. Edison purchased the equipment from International Machines at a cost of
1 Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2018. Edison purchased the equipment from International Machines at a cost of $140,653. (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.) Related Information: 2 years (8 quarterly periods ) $18,200 at the beginning of each period Lease term Quarterly rental payments et Fair value of asset $140,653 49 ook Implicit interest rate (Also lessee's incremental borrowing rate) int Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2019. Edison's fiscal year ends December 31. rint Complete this question by entering your answers in the tabs below. ences General Journal Amort Schedule Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2019. Edison's fiscal year ends December 31. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar. Enter all amounts as positive values.) Effective Lease Decrease in Payment date Lease Balance Payments Interest Balance 01/01/2018 01/01/2018 04/01/2018 07/01/2018 4nin4inn4a 11 Economic life of asset 2 years Fair value of asset $140,653 Implicit interest rate (Also lessee's incremental borrowing rate) 4% Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through 2019. Edison's fiscal year ends December 31. nts eBook Complete this question by entering your answers in the tabs below. Amort General Hint Schedule Journal Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2019. Edison's fiscal year ends December 31. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar. Enter all amounts as positive values.) Print Effective Interest Decrease in Balance Lease eferences Payment date Lease Balance Payments 01/01/2018 01/01/2018 04/01/2018 07/01/2018 10/01/2018 01/01/2019 04/01/2019 07/01/2019 10/01/2019 0 $ C C Total 11 Economic life of asset 2 years 140,653 ue of asset ate (Also lessee's incremental borrowing rate) Required Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2019. Edison's fiscal year ends December 31 ts eBook Complete this question by entering your answers in the tabs below. Amort General Hint Schedule Journal Prepare the appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2019. Edison's fiscal year ends December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar.) Print Show less eferences View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the lease. Note: Enter debits before credits. Date General louurnal. Debit Credit 11 Prepare 2019. Edison's fiscal year ends December 31 lease amortization schedule and appropriate entries tor Edison Leasing from the beginning ot the lease through January 1, Complete this question by entering your answers in the tabs below Amort General Schedule Journal Prepare the appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2019. Edison's fiscal year ends December 31. (If no entry is required for answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar.) Book transaction/event, select "No journal entry required" in the first account field. Enter your Show less A Hint View transaction list Print Journal entry worksheet erences 2 6 7 1 3 4 5 Record cash received. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2018 Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning ot the lease through January 1 2019. Edison's fiscal year ends December 31. |1 Complete this question by entering your answers in the tabs below. Amort General Schedule Journal Prepare the appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2019. Edison's fiscal year ends December 31. (If no entry is required for answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar.) Book the first account field. Enter your transaction/event, select "No journal entry required" Show less Hint View transaction list Print Journal entry worksheet rences
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started