Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidi stones. Physicians' Leasing purchased a lithotripter from Rand for $2,730,000 and leased it to Mid-South Urologists Group, Inc, on January 1, 2021. (FV of \$1, PV of \$1. FVA of \$1, PVA of \$1, FVAD of \$1 and PVAD \$1) (Use appropriate factor(s) from the tables provided.) 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 the end of each fiscal year (December 31). 3. Assume Mid-South Urologists Group leased the iithotripter directly from the manufacturer, Rand Medica which produced the machine at a cost of \$2.3 million. Prepare appropriate entries for Rand Medical from beginning of the lease through the second lease payment on April 1, 2021. Complete this question by entering your answers in the tabs below. the end of each fiscal year (December 31). 3. Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer, Rand which produced the machine at a cost of $2.3 million. Prepare appropriate entries for Rand Medica beginning of the lease through the second lease payment on April 1, 2021. Complete this question by entering your answers in the tabs below. How should this lease be classified by Mid-South Urologists Group and by Physicians' Leasing? Prepare appropriate entries for Mid-South Urologists Group from the beginning of the lease through the secol 1, 2021. Adjusting entries are recorded at the end of each fiscal year (December 31). (If no entry is required select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in th your answers to nearest whole dollars.) Journal entry worksheet 23 Note: Enter debits before credits. Prepare appropriate entries for Physicians' Leasing from the beginning of the lease through the secon Adjusting entries are recorded at the end of each fiscal year (December 31). (If no entry is required f journal entry required" in the first account field. Enter your answers in whole dollars and not in the mi answers to nearest whole dollars.) Journal entry worksheet 23 Journal entry worksheet Note: Enter debits before credits. Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians' Leasing purchased a lithotripter from Rand for $2,730,000 and leased it to Mid-South Urologists Group, Inc., on January 1, 2021. (FV of \$1, PV of \$1, FVA of \$1, PVA of \$1. FVAD of \$1 and PVAD of \$1) (Use appropriate factor(s) from the tables provided.) 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 $23 million. Prepare appropriate entries for Rand Medical from the beginning of the lease through the second lease payment on April 1,2021
