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How would you complete the tables. Example #1, On January 1, 2019 a company leased an automobile by signing a lease with a market (present

How would you complete the tables.

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Example #1, On January 1, 2019 a company leased an automobile by signing a lease with a market (present value) of $100,000, with 4% implicit interest rate. The lease is to be paid in three equal payments of $36,034.85 at the end of each year beginning December 31, 2019. Below is the loan reduction schedule (please be sure you understand it)! !! !! Beg. Cash Date Balance interest expense Payment Reduction in Principal Principal Balance 100,000.00*.04=4,000. 36,034.85- 100,000.00- 2019 100,000 00 36,034.85 4,000.00=32,034.85 32,034.85=67,965.15 67,965.1 67,965.15*.04=2,718.6 36,034.85- 67,965.15- 2020 36,034.85 2,718.60=33,316.25 33,316.25=34,648.90 34,648.9 34,648.90* .04=1,385.9 36,034. 85- 2021 36,034.85 1,385.95=34,648.90 34,648.90-34,648.90=0 Financing Lease - treat like purchase of asset and note payable a) PREPARE THE JOURNAL ENTRIES FOR 2019: Date Account Name Debit Credit 1/1/2019 12/31/20 19 b) PREPARE THE JOURNAL ENTRIES FOR 2020; Date Account Name Debit Credit 12/31/20 20 c) PREPARE THE JOURNAL ENTRIES FOR 2021: Date Account Name Debit Credit 12/31/20 21

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