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Manufacturers Southern leased high - tech electronic equipment from Edison Leasing on January 1 , 2 0 2 4 . Edison purchased the equipment from
Manufacturers Southern leased hightech electronic equipment from Edison Leasing on January Edison purchased the equipment from International Machines at a cost of $ Note: Use tables, Excel, or a financlal calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $ Related Information: Lease term years quarterly periods Quarterly rental payents $ at the beginning of each period Economic life of asset years Fair value of asset $ Implicit interest rate Also lessee's incremental borrowing rate Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January Amortization is recorded at the end of each fiscal year December on a straightline basis. Complete this question by entering your answers in the tabs below. Amortization Schedule General Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January Amortization is recorded at the end of each fiscal year December on a straightline basis. Note: Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transactionevent select No journal entry required" in the first account field. Show less
Manufacturers Southern leased hightech electronic equipment from Edison Leasing on January Edison purchased the equipment from International Machines at a cost of $
Note: Use tables, Excel, or a financlal calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
Related Information:
Lease term years quarterly periods
Quarterly rental payents $ at the beginning of each period
Economic life of asset years
Fair value of asset $
Implicit interest rate Also
lessee's incremental borrowing
rate
Required:
Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January Amortization is recorded at the end of each fiscal year December on a straightline basis.
Complete this question by entering your answers in the tabs below.
Amortization Schedule
General
Journal
Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January Amortization is recorded at the end of each fiscal year December on a straightline basis.
Note: Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transactionevent select No journal entry required" in the first account field.
Show less
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