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Please complete this journal entry, (ignore the numbers I have written most of them are wrong) Exercise 15-11 (Algo) Lessee and lessor; sales-type lease with
Please complete this journal entry, (ignore the numbers I have written most of them are wrong)
Exercise 15-11 (Algo) Lessee and lessor; sales-type lease with selling profit [LO15-2, 15-3] Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2024. Insight Machines manufactured the equipment at a cost of $270,000 and lists a cash selling price of $369,077. Appropriate adjusting entries are made quarterly. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 ) Required: 1. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1,2024 , and on March 31, 2024. 2. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2024, and on March 31, 2024. Complete this question by entering your answers in the tabs below. Prepare approprlate entrles for Insight Machlnes to record the arrangement at Its beginning, January 1, 2024, and on March 31,2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answer to the nearest whole dollar. Prepare approprlate entries for Insight Machines to record the arrangement at Its beginning, January 1, 2024, and on March 31,2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answer to the nearest whole dollar. Journal entry worksheet Record the beginning of the lease for Insight Machines. Note: Enter debits before credits. Exercise 15-11 (Algo) Lessee and lessor; sales-type lease with selling profit [LO15-2, 15-3] Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2024. Insight Machines manufactured the equipment at a cost of $270,000 and lists a cash selling price of $369,077. Appropriate adjusting entries are made quarterly. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 ) Required: 1. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1,2024 , and on March 31, 2024. 2. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2024, and on March 31, 2024. Complete this question by entering your answers in the tabs below. Prepare approprlate entrles for Insight Machlnes to record the arrangement at Its beginning, January 1, 2024, and on March 31,2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answer to the nearest whole dollar. Prepare approprlate entries for Insight Machines to record the arrangement at Its beginning, January 1, 2024, and on March 31,2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answer to the nearest whole dollar. Journal entry worksheet Record the beginning of the lease for Insight Machines. Note: Enter debits before creditsStep by Step Solution
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