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Data for the next 3 questions: Poland Company engaged in leasing a machine for quality control that requires payment of $2,800 at the beginning of
Data for the next 3 questions: Poland Company engaged in leasing a machine for quality control that requires payment of $2,800 at the beginning of each month. The economic life of the machine is 4 years. Poland Company normally is subject to 6% interest rate in business transactions. Assume lease period is 40 months. Answer the following three questions Q11. Provide journal on the date the lease contract was signed. Account Debit Credit Q12. Complete partial Lease Amortization Schedule in the space provided below. Q13. Provide the necessary journal entry that company must make for 2d monthly payment Account Debit Credit Assume lease period is 30 months. Answer the following three questions Q14. Provide journal on the date the lease contract was signed Account Debit Credit
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