nces On 1 January 20X1, Canada Leasing Inc. acquired an asset on behalf of Magnum Ltd. for $300,000. Canada Leasing and Magnum enter into a six-year lease for the asset, effective 1 January 20X1, with equal payments at the beginning of each lease year. Canada Leasing will earn 11% (before taxes) on the lease. Canada Leasing has a 31 December fiscal year-end. (PV of $1. PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the amount of each lease payment. (Round your answer to 2 decimal places.) Annual payments 2. Make the journal entries that would appear in Canada Leasing Inc's accounts for 20x1, 20x2 and 20x3, using the net method of recording. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount) View transaction st Prev 5 of 6 Next >