12 Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2021. International Machines manufactured the equipment at a cost of $103,000. Manufacturers Southern's fiscal year ends December 31. (FV of $1, PV of $1, FVA of $1. PVA of S1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 10 points Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate 2 years (8 quarterly periods) $16, see at the beginning of each period 2 years $127,650 ebook Hint Required: 1. Show how International Machines determined the $16,800 quarterly lease payments. 2. Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2021, and the second lease payment on April 1, 2021 Print Complete this question by entering your answers in the tabs below. Beterences Required 1 Required 2 Show how International Machines determined the $16,800 quarterly lease payments. (Round your intermediate and final answers to the nearest whole dollar. Round your percentage answer to 1 decimal place.) PV factors based on Table or Calculator function: PV of Lease Lease Payment Required 1 Required 2 > 12 Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2021. International Machines manufactured the equipment at a cost of $103,000. Manufacturers Southern's fiscal year ends December 31. (FV of $1. PV of $1. FVA of S1, PVA of $1, FVAD of S1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 10 points Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate 2 years (8 quarterly periods) $16,898 at the beginning of each period 2 years $127,650 6% eBook det Hint Required: 1. Show how International Machines determined the $16,800 quarterly lease payments. 2. Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2021, and the second lease payment on April 1, 2021 Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2021, and the second lease payment on April 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 2 > Record the lease. 13 On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from Computerworld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $19,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by Computerworld at a cost of $108,000 and were expected to have a useful life of Eight years with no residual value. Both firms record amortization and depreciation semiannually (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.) 10 points Rook Required: Prepare the appropriate entries for both the lessee and the lessor from the beginning of the lease through the end of 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. (Round your intermediate calculations and final answers the nearest whole dollar.) Hint View transaction list Print Journal entry worksheet Antren Record the beginning of the lease for Nath-Langstrom Services. Note: Enter dcbits bcfare credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal 11 Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) $17.see at the beginning of each period 2 years $127,624 8% 10 points ebook Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31 Complete this question by entering your answers in the tabs below. Print Amort Schedule General Journal References Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. (Round your intermediate and final answers to the nearest whole dollar. Enter all amounts as positive values.) Lease Payments Effective Interest Decrease in Balance Lease Balance Payment Date 01/01/2021 01/01/2021 04/01/2021 07/01/2021 10/01/2021 01/01/2022 04/01/2022 07/01/2022 10/01/2022 Total S 0 $ 0 $ 0 11 Related Information: Lease ter Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) $17,929 at the beginning of each period 2 years $127,924 8% 10 points eBook Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. Hint Complete this question by entering your answers in the tabs below. Print Amort Schedule General Journal Berenca Prepare the appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) Show less View transaction list Journal entry worksheet 1 2 3 4 5 8 7 > Record the lease. Note: Intor dahit before credits Date General Journal Debit Credit