Rand Medical manuiactures lithotipters. Lahotripsy uses shock waves instead of sirgery to eliminate kidney stones. Ptysicians" Leasing purchased a lathotripter from Rand for $2.050.000 and leased it to Mid South Urologists Group, ine, on January 1.2021 (FV af 51. PY af S1. FYA of S1. PYA of S1. FVAD of SI and PYAD of SD) (Use approprlate fector(s) from the tobles 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 Prysicians' Leasing trom the beginning of the lease through the second rental payment on April 1,2021 Adjusting entres are recorded at the end of each fscalycar(December 31) 3. Assume Mid-South Urologists Group leased the iahotripter directy from the manulacturer, Rand Medicol, which produced the machine at a cost of $17 million. Prepare appropriate entries for Pand Medical from the beghning of the lease through the second lease poyment on April 1, 2021 Complete this question ty entering your ancwers in the tabs betow. Complete this question by entering your arswers in the tabs below. Prepare appropriate entries for Mid-South Urologists Group 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). (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Enter your answers in whole dollars and not in the millions of dollars. Round your-answers to nearest whole dollars.) Show less a Journal entry worksheet Note: Enter debits before credit: Complete this question by entering your answers in the tabs below. Prepare appropriate entries for 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). (If no entry is required for a transaction/event, select "No fournal entry required" in the first account field. Enter your answers in whole dollars and not in the millions of dollars. Round your answers to nearest whole dollars.j Show lessa Journal entry worksheet Note: Enter debits before credits. Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer, Rand Medical, which produced the machine at a cost of $1.7 milion. Prepare appropriate entries for Rand Medical from the beginning of the lease through the second lease payment on April 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in the millions of dollars. Round your answers to nearest whole dollars.) Show lessa Journal entry worksheet
