Question 23 10 pts Hy Marx Co. leased a machine from Cool Equip Corp and recorded a right-of-use asset of $600,000 in a 10-year financing lease. Lease payments are made annually at January 1 of each year beginning January 1, 2018. The interest rate charged by the lessor was 10%. Required: Prepare the appropriate journal entries on January 1, 2018, and December 31, 2018. Round your answers to the nearest whole dollar amounts.

TABLE 1 Future Value of $1 n/i 1.0% 1.5% 2.0% 25% 3.0% 3.5% 4.0% 4576 5.0% 55% 6.0% 7.0% 8.0% 9.0% 100% 11.0% 12.0% 20.0% t 101000101500102000102500 103000103500104000 104500 10500010SS00 1.06000 1.07000 108000 1.09000 110000 1.11000 1.12000 1.20000 2 1.02010 1.03022 1.04040 1.05063 1.06090 1.07123 1.08160 1.09203 1.10250 1.11303 1.12360 1.14490 1.16640 1.18810 1.21000 1 23210 1.25440 1.44000 3 1.03030 104568 1.06121 1.07689 1.09273 1.10872 1.12486 1.14117 1.15763 1.17424 1.19102 1.22504 125971 1.29503 1.33100 1.36763 140493 1.72800 4 1.04060 1.06136 1.08243 1.10381 1.12551 1.14752 1.16986 1.19252 1.21551 123882 1.26248 1.31080 36049 1.41158 1.46410 1.51807 1.57352 5 1.05101 1.07728 1.10408 1.13141 1.15927 1.18769 1.21665 1.24618 127628 1.30696 1.33823 1.40255 1.46933 1.53862 1.61051 1.68506 1.76234 2.48832 07360 6 1.061 52109344 1.12616 1.15969 1.19405 1.22926 1.26532 1.30226 1.34010137884 1.41852 1.50073 1.58687 1.677 10 1.77156 1.87041 197382 2.98598 7 1.07214 1.10984 1.14869 1.18869 122987 1.27228 1.31593 1.36086 1.40710 1.45468 1.50363 1.60578 1.71382 1.82804 1.94872 2.07616 221068 3.58318 8 108286 1.12649 1.17166 1.21840 1.26677 1.31681 1.36857 1.42210 1.47746 1.53469 1.59385 1.71819 1.85093 1.99256 2.14359 2.30454 247596 429982 9 1.09369 1.14339 1.19509 1.24886 1.30477 1.36290 1.42331 1.48610 1.55133 1.61909 1.68948 1.83846 1.99900 2.17189 2.35795 2.55804 2.77308 515978 10 1.10462 1.16054 1.21899 1.28008 1.34392 1.41060 1.48024 1.55297 1.62889 1.70814 1.79085 1.96715 2.15892 2.36736 259374 2.83942 3.10585 6.19174 11 1.11567 1.17795 1.24337 1.31209 1.38423 1.45997 1.53945 1.62285 1.71034 1.80209 1.89830 2.10485 2.33164 2.58043 2.85312 3.15176 3.47855 7.43008 12 1.12683 1.19562 1.26824 1.3449 1.42576 1.51107 1.60103 169588 1.79586 1.90121 201220 2.25219 2.51817 2.81266 3.13843 3.49845 389598 8.91610 13 1.13809 1.21355 1.29361 1.37851 1.46853 1.56396 1.66507 1.77220 1.88565 2.00577 2.13293 2.40985 2.71962 3.06580 3.45227 3.88328 4.36349 10.69932 14 1.14947 1.23176 1.31948 1.41297 1.51259 1.61869 1.73168 1.85194 1.97993 2.11609 2.26090 2.57853 293719 3.34173 3.79750 431044 4.88711 12.83918 15 1.16097 1.25023 1.34587 1.44830 1.55797 1.67535 1.80094 1.93528 2.07893 2.23248 2 39656 2.75903 3.17217 3.64248 417725 4.78459 5.47357 15.40702 16 1.17258 1.26899 137279 1.48451 1.60471 1.73399 1.87298 2.02237 2.18287 2.35526 254035 2.95216 3.42594 3.97031 459497 5.31089 6.13039 18.48843 17 1.18430 1.28802 1.40024 1.52162 1.65285 1.79468 1.94790 2.11338 2.29202 2.48480 2.69277 3.15882 3.70002 4.32763 5.05447 5.89509 6.86604 22.18611 18 1.19615 1.30734 1.42825 1.55966 1.70243 1.85749 202582 2.20848 2.40662 2.62147 285434 3.37993 3.99602 4.71712 555992 6.54355 768997 26 62333 19 1.20811 1.32695 1.45681 1.59865 1.75351 1.92250 2.10685 2.30786 2.52695 2.76565 3.02560 3.61653 431570 514166 6.11591 7.26334 8.61276 31.94800 20 1.22019 1.34686 1.48595 1.63862 1.80611 1.98979 2.19112 2.41171 2.65330 2.91776 320714 386968 4.66096 5.60441 6.72750 8.06231 64629 38 33760 21 1.23239 1.36706 1.51567 1.67958 1.86029 2.05943 2 27877 2.52024 2.78596 3.07823 339956 4.14056 503383 6.10881 7.40025 8.94917 10 80385 4600512 25 1.28243 1.45095 1.64061 1.85394 2.09378 2.36324 2.66584 3.00543 3.38635 3.81339 4.29187 542743 6.84848 8.62308 10.83471 13.58546 1700006 95.39622 30 1.34785 1.56308 1.81136 2.09757 2.42726 2.80679 324340 3.74532 4.32194 4.98395 5.74349 7.61226 10.06266 1326768 17.44940 22.89230 29.95992 237.37631 40 1.48886 1.81402 2.20804 2.68506 326204 3.95926 480102 5.81636 7.03999 8.51331 10.28572 14.97446 21.72452 31.40942 45.25926 65.00087 93.05097 1469.77160