2 On January 1, 2024, Nguyen Electronics leased equipment from Nevels Leasing for a four-year period ending December 31, 2027, at which time possession of the leased asset will revert back to Nevels. 17.5 The equipment cost Nevels $882,508 and has an expected economic life of five years. points Nevels expects the residual value on December 31, 2027, will be $120,000. Negotiations led to the lessee guaranteeing a $180,000 residual value. Equal payments under the lease are $220,000 and are due on December 31 of each year with the first payment being made on December 31, 2024. eBook Nguyen is aware that Nevels used a 7% interest rate when calculating lease payments. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 References Required: 1. Prepare the appropriate entries for both Nguyen and Nevels on January 1, 2024, to record the lease. 2. Prepare all appropriate entries for both Nguyen and Nevels on December 31, 2024, related to the lease. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare the appropriate entries for both Nguyen and Nevels on January 1, 2024, to record the lease. Note: 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. Show less View transaction list Journal entry worksheet 1 2 Record the beginning of the lease for Nguyen. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2024 Record entry View general journal Clear entry Check my 2 On January 1, 2024, Nguyen Electronics leased equipment from Nevels Leasing for a four-year period ending December 31, 2027, at which time possession of the leased asset will revert back to Nevels. 17.5 The equipment cost Nevels $882,508 and has an expected economic life of five years. points Nevels expects the residual value on December 31, 2027, will be $120, Negotiations led to the lessee guaranteeing a $180,000 residual value. Equal payments under the lease are $220,000 and are due on December 31 of each year with the first payment being made on December 31, 2024. eBook Nguyen is aware that Nevels used a 7% interest rate when calculating lease payments. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) References Required: 1. Prepare the appropriate entries for both Nguyen and Nevels on January 1, 2024, to record the lease. 2. Prepare all appropriate entries for both Nguyen and Nevels on December 31, 2024, related to the lease. Complete this question by entering your answers in the tabs below. Required Required Prepare the appropriate entries for both Nguyen and Nevels on January 1, 2024, to record the lease. Note: 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. Show less View transaction list Journal entry worksheet Chec 2 On January 1, 2024, Nguyen Electronics leased equipment from Nevels Leasing for a four-year period ending December 31, 2027, at which time possession of the leased asset will revert back to Nevels. 17.5 The equipment cost Nevels $882,508 and has an expected economic life of five years. points Nevels expects the residual value on December 31, 2027, will be $120,000. Negotiations led to the lessee guaranteeing a $180,000 residual value. Equal payments under the lease are $220,000 and are due on December 31 of each year with the first payment being made on December 31, 2024. eBook Nguyen is aware that Nevels used a 7% interest rate when calculating lease payments. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) References Required: 1. Prepare the appropriate entries for both Nguyen and Nevels on January 1, 2024, to record the lease. 2. Prepare all appropriate entries for both Nguyen and Nevels on December 31, 2024, related to the lease. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare all appropriate entries for both Nguyen and Nevels on December 31, 2024, related to the lease. Note: 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. Show less View transaction list Journal entry worksheet Check my w 2 On January 1, 2024, Nguyen Electronics leased equipment from Nevels Leasing for a four-year period ending December 31, 2027, at which time possession of the leased asset will revert back to Nevels. 17.5 The equipment cost Nevels $882,508 and has an expected economic life of five years. points Nevels expects the residual value on December 31, 2027, will be $120,000. Negotiations led to the lessee guaranteeing a $180,000 residual value. Equal payments under the lease are $220,000 and are due on December 31 of each year with the first payment being made on December 31, 2024. eBook Nguyen is aware that Nevels used a 7% interest rate when calculating lease payments. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) References Required: 1. Prepare the appropriate entries for both Nguyen and Nevels on January 1, 2024, to record the lease. 2. Prepare all appropriate entries for both Nguyen and Nevels on December 31, 2024, related to the lease. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare all appropriate entries for both Nguyen and Nevels on December 31, 2024, related to the lease. Note: 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. Show less View transaction list Journal entry worksheet Che 3 Abbott Equipment leased a protein analyzer to Werner Chemical, Incorporated, on September 30, 2024. 17.5 Abbott purchased the machine from NutraLabs, Incorporated, at a cost of $5.8 million. The five-year lease agreement calls for Werner to make quarterly lease payments of $347,754, payable each points September 30, December 31, March 31, and June 30, with the first payment on September 30, 2024. Abbott's implicit interest rate is 8%. The useful life of the equipment is five years. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) eBook Required: 1. What pretax amounts related to the lease would Abbott report in its balance sheet on December 31, 2024? References 2. What pretax amounts related to the lease would Abbott report in its income statement for the year ended December 31, 2024? 3. What pretax amounts related to the lease would Abbott report in its statement of cash flows for the year ended December 31, 2024? Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 What pretax amounts related to the lease would Abbott report in its balance sheet on December 31, 2024 and income statement for the year ended December 31, 2024? Note: Enter your answers in whole dollars and not in millions of dollars. Round your intermediate and final answers to nearest whole dollar. Show less 1. Lease receivable 2. Interest revenue Check 3 Abbott Equipment leased a protein analyzer to Werner Chemical, Incorporated, on September 30, 2024. 17.5 Abbott purchased the machine from NutraLabs, Incorporated, at a cost of $5.8 million. The five-year lease agreement calls for Werner to make quarterly lease payments of $347,754, payable each points September 30, December 31, March 31, and June 30, with the first payment on September 30, 2024. Abbott's implicit interest rate is 8%. The useful life of the equipment is five years. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) eBook Required: 1. What pretax amounts related to the lease would Abbott report in its balance sheet on December 31, 2024? References 2. What pretax amounts related to the lease would Abbott report in its income statement for the year ended December 31, 2024? 3. What pretax amounts related to the lease would Abbott report in its statement of cash flows for the year ended December 31, 2024? Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 What pretax amounts related to the lease would Abbott report in its statement of cash flows for the year ended December 31, 2024? Note: Note: Enter your answers in whole dollars and not in millions of dollars. Round your intermediate and final answers to nearest whole dollar. Show lessA Finance lease Interest portion Principal portion