Maker Corp. manufactures imaging equipment. Easy Leasing purchased an MRI machine from Maker for $970,000 and leased it to Imaging Group, Inc. on January 1, 2021. $ 63,300: beginning of each period 5 years (20 quarters) Lease description: Quarterly rental payments Lease term No residual value; no bargain purchase option Economic life of MRI machine Implicit interest rate and lessee's incremental borrowing rate Fair value of asset Present value of an annuity due of $1: n = 20, i = 3% 5 years 12% $ 970,000 15.3238 Required: 1. How should this lease be classified by Imaging Group and by Easy Leasing? 2. Prepare appropriate entries for both Imaging Group and Easy Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (December 31). 3. Assume Imaging Group leased the machine directly from the manufacturer, Maker Corp., which produced the machine at a cost of $670,000. Prepare appropriate entries for Maker from the beginning of the lease through the second rental payment on April 1, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Lessee Required 2 Lessor Required 3 How should this lease be classified by Imaging Group and by Easy Leasing? Imaging Group Easy Leasing Present value of an annuity due of $1: n = 20, i = 3% 15. 3238 Required: 1. How should this lease be classified by Imaging Group and by Easy Leasing? 2. Prepare appropriate entries for both Imaging Group and Easy Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (December 31). 3. Assume Imaging Group leased the machine directly from the manufacturer, Maker Corp., which produced the machine at a cost of $670,000. Prepare appropriate entries for Maker from the beginning of the lease through the second rental payment on April 1, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Lessee Required 2 Lessor Required 3 Prepare appropriate entries for Imaging Group from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (December 31). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.) Show less View transaction list X 1 Record the lease. > 2 Record the cash payment. 3 Record the cash payment. Implicit interest rate and lessee's incremental borrowing rate Fair value of asset Present value of an annuity due of $1: n = 20, i = 3% 128 $ 970,000 15.3238 Required: 1. How should this lease be classified by Imaging Group and by Easy Leasing? 2. Prepare appropriate entries for both Imaging Group and Easy Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (December 31). 3. Assume Imaging Group leased the machine directly from the manufacturer, Maker Corp., which produced the machine at a cost of $670,000. Prepare appropriate entries for Maker from the beginning of the lease through the second rental payment on April 1, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Lessee Required 2 Lessor Required 3 Prepare appropriate entries for Easy Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (December 31). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.) View transaction list X :: 1 Record the lease. > 2 Record the cash receipt. 3 Record the cash receipt. Required: 1. How should this lease be classified by Imaging Group and by Easy Leasing? 2. Prepare appropriate entries for both Imaging Group and Easy Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (December 31). 3. Assume Imaging Group leased the machine directly from the manufacturer, Maker Corp., which produced the machine at a cost of $670,000. Prepare appropriate entries for Maker from the beginning of the lease through the second rental payment on April 1, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Lessee Required 2 Lessor Required 3 Assume Imaging Group leased the machine directly from the manufacturer, Maker Corp., which produced the machine at a cost of $670,000. Prepare appropriate entries for Maker from the beginning of the lease through the second rental payment on April 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.) Show less View transaction list 1 Record the lease. > 2 Record the cash receipt. 3 Record the cash receipt