need journal entries - see the transaction list for entries to do

3 On 31 December 20X0, Columbia Inc. entered into an agreement with Scotia Ltd. to lease equipment with a useful life of 6 years. Columbia Inc. will make four equal payments of $100,000 at the beginning of each lease year. Columbia Inc. anticipates that the equipment will have a residual value of $80,000 at the end of the lease, net of removal costs. Columbia Inc. has the option of extending the lease by (1) paying $80,000 to retain the equipment or (2) allowing Scotia Ltd. to remove it. 5 points Scotia Ltd's implicit interest rate in this lease is 7%. Columbia Inc.'s incremental borrowing rate is 8%. Columbia Inc. depreciates the leased equipment on a straight-line basis. The lease commences on 1 January 20X1. Assume that the fair value of the equipment on the open market is greater than the present value of the lease payments. (PV of $1, PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) eBook Required: 1. Prepare an amortization table for this lease from the perspective of the lessor. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Print References Amortization Table Net Lease Interest Payment Beg. of Year Beginning Balance Lease Period Incr/(Decr) in Balance Ending Balance 20X1 20X2 20X3 20X4 20X5 2. Prepare all entries that the lessor will record for this lease over its full term, using the gross method. Assume that the lessee exercises the purchase option. (Round your intermediate calculations and final answers to the nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3 2. Prepare all entries that the lessor will record for this lease over its full term, using the gross method. Assume that the lessee exercises the purchase option. (Round your intermediate calculations and final answers to the nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 5 points View transaction list X eBook 1 > Record the lease receivable from the equipment at the inception of the lease. Print e lease 2 Record the receipt of lease rental at the beginning of 20X1. References 3 Record the recognition of finance revenue for the period ending 31 December 20X1. Credit 4 Record the receipt of lease rental at the beginning of 20x2. 5 Record the recognition of finance revenue for the period ending 31 December 20x2. Note : = journal entry has been entered Record entry Clear entry View general journal 3 2. Prepare all entries that the lessor will record for this lease over its full term, using the gross method. Assume that the lessee exercises the purchase option. (Round your intermediate calculations and final answers to the nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 5 points View transaction list X eBook > Print 5 Record the recognition of finance revenue for the period ending 31 December 20x2. e lease. References 6 Record the receipt of lease rental at the beginning of 20x3. 7 Record the recognition of finance revenue for the period ending 31 December 20x3. Credit 8 Record the receipt of lease rental at the beginning of 20X4. 9 Record the receipt of $80,000 to retain the equipment as on 31st December, 20X4. Note : | = journal entry has been entered Record entry Clear entry View general journal 3 5 points 3. On the lessor's 31 December 20X2 SFP, what amount will appear for the net lease receivable? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Net lease receivable eBook Print References 4. Prepare all entries that the lessor will record for this lease for the first two years, using the net method. (Round your intermediate calculations and final answers to the nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the lease receivable from the equipment at the inception of the lease using net method. Note: Enter debits before credits. Date General Journal Debit Credit 3 4. Prepare all entries that the lessor will record for this lease for the first two years, using the net method. (Round your intermediate calculations and final answers to the nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 5 points View transaction list X eBook > 1 Record the lease receivable from the equipment at the inception of the lease using net method. e lease Print 2 Record the receipt of lease rental at the beginning of 20X1. . References 3 Record the recognition of finance revenue for the period ending 31 December 20X1. Credit 4 Record the receipt of lease rental at the beginning of 20X2. 5 Record the recognition of finance revenue for the period ending 31 December 20x2. Note : = journal entry has been entered Record entry Clear entry View general journal