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Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2024 Edison purchased the equipment from International Machines at a cost of $119,552.
Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2024 Edison purchased the equipment from International Machines at a cost of $119,552. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 ) Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2025. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis
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