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Maker Corp. manufactures imaging equipment. Easy Leasing purchased an MRI machine from Maker for $1,050,000 and leased it to Imaging Group, the on January 1,2021

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Maker Corp. manufactures imaging equipment. Easy Leasing purchased an MRI machine from Maker for $1,050,000 and leased it to Imaging Group, the on January 1,2021 Required: 1. How should this lease be classified by Imaging Group and by Easy Lessing? 2. Prepare appropriate entries for both Imaging Group and Easy Leasing from the beginning of the lease through the second rental poyment on April 1, 2021 Depreciotion and amortization are recorded ot the end of esch fiscal year (December 31) 3. Assume lmaging Group leosed the machine directly from the monufocturer. Moker Corp. which produced the machine at a cost of $750,000 Prepare oppropriate entries for Maker from the beginning of the lease through the second rental payment on April 1,2021

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