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help asap please! Shamrock Leasing Company signs a lease agreement on January 1,2025, to lease electronic equipment to Pharoah Company. The term of the non-cancelable
help asap please! Shamrock Leasing Company signs a lease agreement on January 1,2025, to lease electronic equipment to Pharoah Company. The term of the non-cancelable lease is 2 vears, and pavments are required at the end of each year. The following information refates to this agreement: 1. Pharoah has the option to purchase the equipment for $17,500 upon termination of the lease, it is not reasonably certain that Pharoah will ecercise this option. 2. The equipment has a cost of $150,000 and fair value of $199,000 to shamrock Leasine The useful economic life is 2 years. with a residual value of $17,500. 3. Shamrockleasing desires to earn a return of 6% on its investment 4. Collectibility of the payments by Shamrock Leasing is probable. Prepare the journal entries on the books of Shamrock Leasing to record the payments received under the lease and to recosnize amount is entered, Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts. For calculation purposes, use 5 decimal ploces os displayed in the factor finble provided and round final answers to 0 decimal places es. 5,275.)
help asap please!
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