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Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones, Physicians Leasing purchased a lithotripter from Rand for $1540,000 and leased it to Mid-South Urologists Group, Inc, on January 1, 2021. (FV of $1. PV of 1. EVA of $1. PVA of $1. FVAD of S1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Lease Description Quarterly lease paymente Lease term Na residual value no purchase option Economie life of lithotripter Inplicit Interest rate and lessee's incremental borroving rate Tair value of annet $92,335-beginning of each period 5 years (20 quarters) 5 years $1,540,000 Required: 1. How should this lease be classified by Mid-South Urologists Group and by Physicians' Leasing? 2. Prepare appropriate entries for both Mid-South Urologists Group and Physicians' Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Adjusting entries are recorded at the end of each fiscal year (December 31), 3. Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer, Rand Medical, which produced the machine at a cost of $1.3 million. Prepare appropriate entries for Rand Medical from the beginning of the lease through the second lease payment on April 1, 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 2 Lessee Lessor Required 3 How should this lease be classified by Mid-South Urologists Group and by Physicians' Leasing Md South Urologists Group Physicians' Leasing Required Required 2 Lessen > lease pay Complete this question by entering your answers in the tabs below. Required 2 Required 2 Required 1 Required 3 Lessee Lessor How should this lease be classified by Mid-South Urologists Group and by Physicians' Leasing? Mid-South Urologists Group Physicians' Leasing Required 2 Lessee > Finance lease Operating lease Sales-type lease Sub-lease 15 Homework 88 Implicit interest rate and Lessee s incremental borrowing rate Fair value of asset $1,540,000 Required: 1. How should this lease be classified by Mid-South Urologists Group and by Physicians' Leasing? 2. Prepare appropriate entries for both Mid-South Urologists Group and Physicians' Leasing from the beginning of the the second rental payment on April 1, 2021. Adjusting entries are recorded at the end of each fiscal year (December 3 3. Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer, Rand Medical, which pro machine at a cost of $1.3 million. Prepare appropriate entries for Rand Medical from the beginning of the lease throug lease payment on April 1, 2021. 2:42 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 2 Lessee Lessor Required 3 How should this lease be classified by Mid-South Urologists Group and by Physicians' Leasing? ces Mid-South Urologists Group Physicians' Leasing Required 2 Lessee > Finance lease Operating lease Sales-type lease Sub-lease Complete this question by entering your answers in the tabs below. 17:30 Required 2 Required 2 Required 1 Lessee Lessor Required 3 Prepare appropriate entries for Mid-South Urologists Group from the beginning of the lease through the second rental payment on April 1, 2021. Adjusting entries are recorded at the end of each fiscal year (December 31). (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in whole dollars and not in the millions of dollars. Round your answers to nearest whole dollars.) 3 Show less ok View transaction list ancos X 1 Record lease. 2 Record cash payment. 3 Record cash payment. Credit Complete this question by entering your answers in the tabs below. Required 1 Required 2 Lessce Required 2 Lessor Required 3 Prepare appropriate entries for Physicians' Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Adjusting entries are recorded at the end of each fiscal year (December 31). (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in whole dollars and not in the millions of dollars. Round your answers to nearest whole dollars.) Show less View transaction list X 1 Record lease. 2 Record cash received. 3 Record cash received. Credit 3. Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer, Rand Medical, which produced the machine at a cost of $1.3 million. Prepare appropriate entries for Rand Medical from the beginning of the lease through the second lease payment on April 1, 2021. Complete this question by entering your answers in the tabs below. Required 2 Required 2 Required 1 Lessee Lessor Required 3 Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer, Rand Medical, which produced the machine at a cost of $1.3 million. Prepare appropriate entries for Rand Medical from the beginning of the lease through the second lease payment on April 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in whole dollars and not in the millions of dollars. Round your answers to nearest whole dollars.) Show less View tersection list 1 Record lease. 2. Record cash received. 3 Record cash recelved Credit