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Grichuk Power leased high - tech electronic equipment from Kolten Leasing on January 1 , 2 0 1 8 . Kolten purchased the equipment from

Grichuk Power leased high-tech electronic equipment from Kolten Leasing on January 1,2018. Kolten purchased the equipment from Wong Machines at a cost of $253,500, its fair value. (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.)
\table[[Information:,],[Lease term,2 years (8 quarterly periods)],[Quarterly lease payments,$18,500 at Jan. 1,2018, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter.],[\table[[Economic life of asset],[Interest rate charged by the]],5 years],[lessor,12%
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