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Problem 2 On January 1, 2020, Rowe leased a MRI machine from Ma Leasing. The lease agreement specifies 10 monthly payments of $9,000 each beginning

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Problem 2 On January 1, 2020, Rowe leased a MRI machine from Ma Leasing. The lease agreement specifies 10 monthly payments of $9,000 each beginning January 1, 2020. The useful life of the machine is estimated 3 years with an estimated residual value $50,000. Required: Prepare the journal entries for both the lessee and lessor on January 1, 2020

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