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Need help with section B please! Ivanhos Co. as lessee records a finance lease of machinery on January 1, 2021. The seven annual lease payments
Need help with section B please!
Ivanhos Co. as lessee records a finance lease of machinery on January 1, 2021. The seven annual lease payments of $822,000 are made at the end of each year. The present value of the Isass payments at 10%$$4002000. Ivanhoe uses the effective interest method of amortization and sum-of-the-years-digits depreciation (no residual value). (a) Your answer has been saved. See score details after the due date Prepare an amortization table for 20121 and 2022. Ivanhoe Co. Lezse Amortization Schedule Interest on Reduction in Receivable Liability Receivable/Liability Annual Lease Recept/Payment Date RI 1/1/21 S 12/31/21 S 322000 400200 $ 421800 12/31/22 822000 358020 463920 Attempts: 1 of 1 used (b) Prepare all of Ivanhoes journal antriz for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit (To record the lease) (To record the first lease payment) (To record depreciation)
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