25 1 points eBook Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians' Leasing purchased a lithotripter from Rand for $2,020,000 and leased it to Mid-South Urologists Group, Inc., on January 1, 2021. (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.) Lease Description: Quarterly lease payments Lease term No residual value; no purchase option Economic life of lithotripter Implicit interest rate and lessee's incremental borrowing rate Print Fair value of asset References $131,821-beginning of each period 5 years (20 quarters) 5 years 12319 $2,020,000 Me Required: 1. How should this lease be classified by Mid-South Urologists Group and by Physicians' Leasing? 2. Prepare appropriate entries for both Mid-South Urologists Group and Physicians' Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Adjusting entries are recorded at the end of each fiscal year (December 31). 3. Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer, Rand Medical, which produced the machine at a cost of $1.7 million. Prepare appropriate entries for Rand Medical from the beginning of the lease through the second lease payment on April 1, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Lessee Required 2 Lessor Required 3 How should this lease be classified by Mid-South Urologists Group and by Physicians' Leasing? Che S Required 1 Required 2 Lessee Required 2 Lessor Required 3 Prepare appropriate entries for Mid-South Urologists Group from the beginning of the lease through the second rental payment on April 1, 2021. Adjusting entries are recorded at the end of each fiscal year (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 the millions of dollars. Round your answers to nearest whole dollars.) View transaction list Journal entry worksheet Record lease. 2 3 Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit > Show less 25 points 1 Required 2 Required 1 Lessee Required 2 Lessor Required 3 eBook Prepare appropriate entries for Mid-South Urologists Group from the beginning of the lease through the second rental payment on April 1, 2021. Adjusting entries are recorded at the end of each fiscal year (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 the millions of dollars. Round your answers to nearest whole dollars.) Print References View transaction list Journal entry worksheet < 1 NEW 3 Record cash payment. Note: Enter debits before credits. Date January 01. 2021 General Journal Debit Credit > Show less 25 1 Required 2 Required 1 Lessee Required 2 Lessor Required 3 points eBook Print References Prepare appropriate entries for Mid-South Urologists Group from the beginning of the lease through the second rental payment on April 1, 2021. Adjusting entries are recorded at the end of each fiscal year (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 the millions of dollars. Round your answers to nearest whole dollars.) 12 View transaction list Journal entry worksheet < 1 2 3 Record cash payment. Note: Enter debits before credits. Date April 01, 2021 General Journal Debit Credit Show less 25 1 Required 2 Required 1 Required 2 Lessee Required 3 Lessor points Prepare appropriate entries for Physicians' Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Adjusting entries are recorded at the end of each fiscal year (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 the millions of dollars. Round your answers to nearest whole dollars.) eBook Print References View transaction list Journal entry worksheet < 1 2 3 Record lease. Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit < Show less 25 1 Required 2 Required 1 Required 2 Lessee Required 3 Lessor points eBook Prepare appropriate entries for Physicians' Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Adjusting entries are recorded at the end of each fiscal year (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 the millions of dollars. Round your answers to nearest whole dollars.) Print References View transaction list Journal entry worksheet < 1 Record cash received. 3 Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit Show less A 25 1 Required 2 Required 1 Lessee Required 2 Lessor Required 3 points eBook Print References Prepare appropriate entries for Physicians' Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Adjusting entries are recorded at the end of each fiscal year (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 the millions of dollars. Round your answers to nearest whole dollars.) View transaction list Journal entry worksheet 1 2 3 Record cash received. Note: Enter debits before credits. Date April 01, 2021 General Journal Debit Credit Show less 1 Required 2 Required 1 Lessee Required 2 Lessor Required 3 25 points Show less A Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer, Rand Medical, which produced the machine at a cost of $1.7 million. Prepare appropriate entries for Rand Medical from the beginning of the lease through 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. Enter your answers in whole dollars and not in the millions of dollars. Round your answers to nearest whole dollars.) eBook View transaction list Print References Journal entry worksheet 1 2 3 Record lease. Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit A 12 1 Required 2 Required 1 Lessee Required 2 Lessor Required 3 25 points Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer, Rand Medical, which produced the machine at a cost of $1.7 million. Prepare appropriate entries for Rand Medical from the beginning of the lease through 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. Enter your answers in whole dollars and not in the millions of dollars. Round your answers to nearest whole dollars.) eBook View transaction list Print References Journal entry worksheet < 1 2 3 Record cash received. Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit Show less 25 1 Required 1 Required 2 Lessee Required 2 Lessor Required 3 points Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer, Rand Medical, which produced the machine at a cost of $1.7 million. Prepare appropriate entries for Rand Medical from the beginning of the lease through 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. Enter your answers in whole dollars and not in the millions of dollars. Round your answers to nearest whole dollars.) eBook View transaction list Print References Journal entry worksheet 1 2 3 Record cash received. Note: Enter debits before credits. Date April 01, 2021 R General Journal Debit Credit Show less