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Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physiclans Leasing purchased a lithotripter from Rand for $ 1

Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physiclans Leasing purchased a lithotripter from Rand for $1,900,000 and leased it to Mid-South Urologists Group, Incorporated, on January 1.2024.
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:
How should this lease be classified by Mid-South Urologists Group and by Physiclans' Leasing?
2 Prepare approprlate entrles for both Mid-South Urologists Group and Physiclans' Leasing from the beginning of the lease through the second rental payment on April 1,2024. Adjusting entrles are recorded at the end of each fiscal year (December 31).
Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer, Rand Medical, which produced the machine at a cost of $1.6 milion. Prepare appropriate entries for Rand Medical from the beginning of the lease through the second lease payment on April 1,2024.
Complete this question by entering your answers in the tabs below.
Requined 2
Rieguingit 2
Returiad 3
How should this lase be classified by Mid-South Urologists Gnoup and by Physicians Leasing?
Mid-Scuth Urologists Greup
Physicisns' Leasing
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