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Manufacturers Southern leased high - tech electronic equipment from International Machines on January 1 , 2 0 2 4 . International Machines manufactured the equipment
Manufacturers Southern leased hightech electronic equipment from International Machines on January International Machines manufactured the equipment at a cost of $ Manufacturers Southern's fiscal year ends December Manufacturers Southern leased hightech electronic equipment from International Machines on January International
Machines manufactured the equipment at a cost of $ Manufacturers Southern's fiscal year ends December
Note: Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
Related Information:
Lease term
Quarterly rental payments
years quarterly periods
Economic life of asset
Fair value of asset
$ at the beginning of each period
Implicit interest rate
$
years
Required:
Show how International Machines determined the $ quarterly lease payments.
Prepare appropriate entries for International Machines to record the lease at its beginning, January and the
lease payment on April
Complete this question by entering your answers in the tabs below.
Show how International Machines determined the $ quarterly lease payments.
Note: Round your intermediate and final answers to the nearest whole dollar. Round your percentage answer to decimal
place.
Note: Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
Related Information:
Lease term years quarterly periods
Quarterly rental payments $ at the beginning of each period
Economic life of asset years
Fair value of asset $
Implicit interest rate
Required:
Show how International Machines determined the $ quarterly lease payments.
Prepare appropriate entries for International Machines to record the lease at its beginning, January and the second lease payment on April
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