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Eastern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2022. Lease term Annual payments Life of asset Implicit interest rate PV, annuity due,
Eastern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2022. Lease term Annual payments Life of asset Implicit interest rate PV, annuity due, 3 periods, 8% PV, ordinary annuity, 3 periods, 8% Hi-Tech's cost of the equipment There is no expected residual value. There is no expected residual value, Assume a December 31 year-end. Round your answers to the nearest whole dollar amounts. a. Show the appropriate journal entries for 1-1-22 for Hi Tech Leasing b. Show the appropriate journal entry for 12-31-22 for Hi Tech Leasing c. For Hi Tech Leasing's 2022 Statement of Cash Flow, what would be any cash flows shown on the face of the statement associated with the lease and their classification as
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