Record Depreciation

Record the lease

Record Cash received

Lansing West leased computer hardware from Franklin Leasing on January 1, 2021. Franklin purchased the equipment from International Machines at a cost of $56,040. Related information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) $7,500 at the beginning of each period 2 years $56,040 Required: Prepare appropriate journal entries for Franklin Leasing from the beginning of the lease through January 1, 2022. Franklin's fiscal year ends December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.) View transaction list Journal entry worksheet 5 6 7 8 ..... 12 >