Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer in excel Eolson Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased the equipment from International Machines at
please answer in excel
Eolson Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $115,923. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.) Related Information: Lease term 2 years (8 quarterly periods) Quarterly rental payments $15,000 at the beginning of each period Economic life of asset 2 years Pair value of asset $115,923 Implicit interest rate 41 (Also lessee's incremental borrowing rate) Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. VII Complete this question by entering your answers in the tabs below. 12 Amort General Schedule Journal Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2022. fiscal year ends December 31. (Round your intermediate and final answers to the nearest whole dollar. Enter all am positive values.) IP Lease Payments Effective Interest Decrease in Balance Lease Balance Payment Date 01/01/2021 01/01/2021 04/01/2021 07/01/2021 10/01/2021 01/01/2022 04/01/2022 07/01/2022 10/01/2022 Total Amor Schoule General Journal > Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started