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please help where red! Northwestern Edison Company leased equipment from Hi-Tech Leasing on January cost of $90,000 Hi-Tech manufactured the equipment at a warded ed
please help where red! Northwestern Edison Company leased equipment from Hi-Tech Leasing on January cost of $90,000 Hi-Tech manufactured the equipment at a warded ed Other information! Lease term Annual payments Life of asset Implicit interest rate Incremental rate Pv, annuity due, 3 periods, 8 PV of lease payments 3 years $40,000 on January 1 each year 3 years 80 80 2.7833 $111,2 There is no expected residual vahe. Required: Prepare appropriate journal entries for Hi-Tech Leasing for 2021 and 2022. Assume a December 31 year-end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers he nearest whole dollar amounts.) No Date General Journal Debit Credit 1 120,000 January 01, 2021 Lease receivable Interest receivable Equipment BOB 111,832 2 40,000 January 01, 2021 Cash Lease receivable 40.000 3 December 31, 20 Interest receivable Interest revenue 5,707 oo 5,707 4 January 01, 2022 Cash Lease receivable 40,000 40,000 5 December 31, 20. Interest receivable 2,963 Interest revenue "Red text indicates no response was expected in a celor a formula-based calculation is incorrect, no points deducted. 2,963
please help where red!
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