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(PDE Transcript.pdf X Careers X Eminem - Like Toy Soldiers (C X Connect X Rand Medical manufactures | X *Course Hero X + X O https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flearn.liberty.edu%252Fweba.. APerformance EMail Lu Liberty Home Bb Blackboard College EMail in Linkedin i Indeed Thrift Savings Plan G Google Other favorites Chapter 15 i Saved Help Save & Exit Submit Check my work 7 Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians' Leasing purchased a lithotripter from Rand for $1,900,000 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 $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 2.5 Lease Description: Quarterly lease payments $123, 990-beginning of each period points Lease term 5 years (20 quarters) No residual value; no purchase option Economic life of lithotripter 5 years eBook Implicit interest rate and lessee's incremental borrowing rate 12% Fair value of asset $1,900, 000 Print 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 $1.6 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? Mid-South Urologists Group Mc Graw Hill ducation Type here to search S 11:44 28/10/2020 E(PDE Transcript.pdf X Careers X Eminem - Like Toy Soldiers (C X Connect X Rand Medical manufactures | X *Course Hero X + X O https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flearn.liberty.edu%252Fweba.. APerformance EMail Lu Liberty Home Bb Blackboard College EMail in Linkedin ; Indeed Thrift Savings Plan G Google Other favorites Chapter 15 i Saved Help Save & Exit Submit Check my work 7 Quarterly lease payments $123, 990-beginning of each period Lease term 5 years (20 quarters) No residual value; no purchase option Economic life of lithotripter 5 years Implicit interest rate and lessee's incremental borrowing rate 12% 2.5 Fair value of asset $1, 900, 000 points Required: eBook 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 Print 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 $1.6 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 Lesson Required 3 How should this lease be classified by Mid-South Urologists Group and by Physicians' Leasing? Mid-South Urologists Group Physicians' Leasing Screenshot Added A screenshot was added to your Dropbox. Mc Dropbox Graw Hill 7 of 9 Next > ducation Dropbox Hill Type here to search S 11:44 28/10/2020(PDE Transcript.pdf X Careers X Eminem - Like Toy Soldiers (C X Connect X Rand Medical manufactures | X *Course Hero X + X O https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flearn.liberty.edu%252Fweba.. APerformance EMail Lu Liberty Home Bb Blackboard . College EMail in Linkedin ; Indeed Thrift Savings Plan G Google Other favorites Chapter 15 i Saved Help Save & Exit Submit Check my work 7 Lessee LESSUI Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer, Rand Medical, which produced the machine at a cost of $1.6 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 2.5 answers in whole dollars and not in the millions of dollars. Round your answers to nearest whole dollars.) points Show less A View transaction list eBook Print Journal entry worksheet 2 3 Record lease. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Screenshot Added A screenshot was added to your Dropbox. Mc Graw Hill Dropbox Type here to search S 11:44 28/10/2020
