Amy Co. as lessee records a finance lease of machinery on January 1, 2019. The seven annual lease payments of $925,000 are made at the beginning of each year. The present value of the lease payments at 6% is $5,473,521. Amy uses the effective-interest method of amortization and straight-line depreciation (no residual value).

III. Lease proble m - Finance lease amortization and journal entries Amy Co. as lessee records a finance lease of machinery on January 1, 2019. The seven annual lease payments of $925,000 are made at the beginning of each year. The present value of the lease payments at 6% is $5,473,521. Amy uses the effective-interest method of amortization and straight-line depreciation (no residual value). Instructions (Round to the nearest dollar.) Prepare an amortization table for 2019 and 2020 Prepare all of Hughey's journal entries for 2019