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answer the journal entries please

Maker Corp. manufactures imaging equipment. Easy Leasing purchased an MRI machine from Maker for $1,070,000 and leased it to Imaging Group, Inc. on January 1 2021. Lease description: Quarterly rental payments Lease term No residual value; no bargain purchase option Economic life of MRI machine Implicit interest rate and lessee's incremental borrowing rate Fair value of asset Present value of an annuity due of $1: n = 16, 1 = 24 $77,260: beginning of each period 4 years (16 quarters) 4 years 84 $1,070,000 13.8493 0 Required: 1. How should this lease be classified by Imaging Group and by Easy Leasing? 2. Prepare appropriate entries for both Imaging Group and Easy Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (December 31). 3. Assume Imaging Group leased the machine directly from the manufacturer, Maker Corp., which produced the machine at a cost of $770,000. Prepare appropriate entries for Maker from the beginning of the lease through the second rental payment on April 1, 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 2 Required 3 Lessee Lessor How should this lease be classified by Imaging Group and by Easy Leasing? Imaging Group Easy Leasing Required 2 Lessee 2 Maker Corp. manufactures imaging equipment. Easy Leasing purchased an MRI machine from Maker for $1070,000 and leased it to Imaging Group, Inc. on January 1, 2021 $77,268: beginning of each period 4 years (16 quarters) Lease description: Quarterly rental payments Lease tern No residual value; no bargain purchase option Economic life of MRI machine Implicit interest rate and lessee's incremental borrowing rate Fair value of asset Present value of an annuity due of $1: n = 16, 1 - 2 4 years 8% $1,070,000 13.8493 Required: 1. How should this lease be classified by Imaging Group and by Easy Leasing? 2. Prepare appropriate entries for both Imaging Group and Easy Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (December 31). 3. Assume Imaging Group leased the machine directly from the manufacturer, Maker Corp., which produced the machine at a cost of $770,000. Prepare appropriate entries for Maker from the beginning of the lease through the second rental payment on April 1, 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 2 Lessee Lessor Required 3 Prepare appropriate entries for Imaging Group from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (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.) Show less View transaction list Journal entry worksheet 1 2 3 > Record the lease. Note: Enter debits before credits Date General Journal Debit Credit January 01, 2021 Record entry Clear entry Vlew general Journal Maker Corp, manufactures imaging equipment Easy Leasing purchased an MRI machine from Maker for $1,070,000 and leased it to Imaging Group, Inc. on January 1, 2021 Lease description: Quarterly rental payments Lease term No residual value; no bargain purchase option Economic life of MRI machine Implicit interest rate and lessee's incremental borrowing rate Fair value of asset Present value of an annuity due of $1: n = 16, 1-24 $77,260: beginning of each period 4 years (16 quarters) 4 years 84 $1,070,000 13.8493 Required: 1. How should this lease be classified by Imaging Group and by Easy Leasing? 2. Prepare appropriate entries for both Imaging Group and Easy Leasing from the beginning of the lense through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (December 31). 3. Assume Imaging Group leased the machine directly from the manufacturer, Maker Corp, which produced the machine at a cost of $770,000. Prepare appropriate entries for Maker from the beginning of the lease through the second rental payment on April 1. 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 2 Lessee Lessor Required 3 Prepare appropriate entries for Imaging Group from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (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.) Show less View transaction list Journal entry worksheet 1 2 3 Record the cash payment Note: inter dubitor credit Data General Journal Debit Credit January 11, 2021 Record entry Clear entry View general Journal Maker Corp. manufactures imaging equipment. Easy Leasing purchased an MRI machine from Maker for $1.070,000 and leased it to Imaging Group, Inc. on January 1, 2021. Lease description: Quarterly rental payments $77,268: beginning of each period Lease ter 4 years (16 quarters) No residual value: no bargain purchase option Economic life of MRI machine 4 years Implicit interest rate and lessee's incremental borrowing rate 88 Fair value of asset $1,078,000 Present value of an annuity due of $1: n = 16, 1 = 24 13.8493 Required: 1. How should this lease be classified by Imaging Group and by Easy Leasing? 2. Prepare appropriate entries for both Imaging Group and Easy Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (December 31). 3. Assume Imaging Group leased the machine directly from the manufacturer, Maker Corp., which produced the machine at a cost of $770,000. Prepare appropriate entries for Maker from the beginning of the lease through the second rental payment on April 1, 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 2 Lessee Lessor Required 3 Prepare appropriate entries for Imaging Group from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (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.) Show less View transaction Bat Journal entry worksheet 1 2 3 Record the cash payment Note: Enter debts before credits Date General Journal Debit Credit April 01, 2021 Record entry Clear entry View generalernal Maker Corp. manufactures imaging equipment. Easy Leasing purchased an MRI machine from Maker for $1,070,000 and leased it to Imaging Group, Inc. on January 1, 2021. Lease description: Quarterly rental payments $77,268: beginning of each period Lease term 4 years (16 quarters) No residual value; no bargain purchase option Economic Life of MRI machine 4 years Implicit interest rate and lessee's incremental borrowing rate 89 Fair value of asset $1,070, e Present value of an annuity due of $1: n = 16, 1 = 28 13.8493 Required: 1. How should this lease be classified by Imaging Group and by Easy Leasing? 2. Prepare appropriate entries for both Imaging Group and Easy Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (December 31). 3. Assume Imaging Group leased the machine directly from the manufacturer, Maker Corp., which produced the machine at a cost of $770,000. Prepare appropriate entries for Maker from the beginning of the lease through the second rental payment on April 1. 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Lessee Required 2 Lessor Required 3 Prepare appropriate entries for Easy Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization 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. Round your answers to the nearest whole dollar amounts) View transaction list Journal entry worksheet 2 3 Record the lease Note: Enter Gebits before credits General Journal Dobit Credit Dato January 01, 2021 Record entry Clear entry View general journal Maker Corp. manufactures Imaging equipment. Easy Leasing purchased an MRI machine from Maker for $1,070,000 and leased it to Imaging Group, Inc. on January 1, 2021 Lease description: Quarterly rental payments Lease term No residual value; no bargain purchase option Economic life of MRI machine Implicit interest rate and lessee's incremental borrowing rate Fair value of asset Present value of an annuity due of $1: n = 16, 1 = 2 $ 77,268: beginning of each period 4 years (16 quarters) 4 years 84 $1,070,000 13.8493 Required: 1. How should this lease be classified by Imaging Group and by Easy Leasing? 2. Prepare appropriate entries for both imaging Group and Easy Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (December 31). 3. Assume Imaging Group leased the machine directly from the manufacturer, Maker Corp., which produced the machine at a cost of $770,000. Prepare appropriate entries for Maker from the beginning of the lease through the second rental payment on April 1, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Lessee Required 2 Lessor Required Prepare appropriate entries for Easy Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (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 Record the cash receipt Nota: Enter debits before credits Date Apr 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal Maker Corp. manufactures Imaging equipment. Easy Leasing purchased an MRI machine from Maker for $1.070,000 and leased it to Imaging Group, Inc. on January 1, 2021 Lease description Quarterly rental payments $77,267 beginning of each perted Lease tem 4 years (16 quarters) No residual values no bargain purchase option 4 years Implicit interest rate and lessee's incremental borrowing rate 8 $1,670.000 Present value of an annuity due of $1 m. 16. 12 13.8493 Required: 1. How should this lease be classified by Imaging Group and by Easy Leasing? 2. Prepare appropriate entries for both Imaging Group and Easy Leasing from the beginning of the lease through the second rental payment on April 2021. Depreciation and amortization are recorded at the end of each fiscal year (December 31 3. Assume Imaging Group leased the machine directly from the manufacturer, Maker Corp, which produced the machine at a cost of $770.000. Prepare appropriate entries for Maker from the beginning of the lease through the second rental payment on April 2021 Complete this question by entering your answers in the tabs below. Required: Les LOS Required Assume Imaging Group leased the machine directly from the manufacturer, Maker Corp, which produced the machine at a cost of $770.000. Prepare appropriate entries for Maker from the beginning of the lease through the second rental payment on April 1, 2021. ( 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 that Journal entry worksheet 1 2 3 Record the lease Denal Journal Jy 01, 2001 Record entry Maker Corp, manufactures imaging equipment. Easy Leasing purchased an MRI machine from Maker for $1.070,000 and leased it to Imaging Group, Inc. on January 1, 2021. Lease description: Quarterly rental payments $77,26e: beginning of each period Lease term 4 years (16 quarters) No residual value; no bargain purchase option Economic life of MRI machine 4 years Implicit interest rate and lessee's incremental borrowing rate Fair value of asset $1,070,000 Present value of an annuity due of $1: n = 16, 1 = 24 13.8493 8% Required: 1. How should this lease be classified by Imaging Group and by Easy Leasing? 2. Prepare appropriate entries for both Imaging Group and Easy Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (December 31). 3. Assume Imaging Group leased the machine directly from the manufacturer , Maker Corp., which produced the machine at a cost of $770,000. Prepare appropriate entries for Maker from the beginning of the lease through the second rental payment on April 1, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Lessee Required 2 Lessor Required 3 Assume Imaging Group leased the machine directly from the manufacturer, Maker Corp., which produced the machine at a cost of $770,000. Prepare appropriate entries for Maker from the beginning of the lease through the second rental payment on April 1, 2021. (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.) Show less View transaction list Journal entry 1 2 3 > Record the cash receipt. Note Enter debits before credits General Journal Dobit Credit Date January 01, 2021 Record entry Clear entry View general Journal Maker Corp, manufactures Imaging equipment. Easy Leasing purchased an MRI machine from Maker for $1,070,000 and leased it to Imaging Group, Inc. on January 1, 2021 $77,260: beginning of each period 4 years (16 quarters) Lease description: Quarterly rental payments Lease tern No residual value; no bargain purchase option Economic life of MRI machine Implicit interest rate and lessee's incremental borrowing rate Fair value of asset Present value of an annuity due of $1: n = 16, 1-26 4 years 85 $1.070,000 13.8493 Required: 1. How should this lease be classified by Imaging Group and by Easy Leasing? 2. Prepare appropriate entries for both Imaging Group and Easy Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (December 31). 3. Assume Imaging Group leased the machine directly from the manufacturer, Maker Corp, which produced the machine at a cost of $770,000. Prepare appropriate entries for Maker from the beginning of the lease through the second rental payment on April 1, 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 2 Lessee Lessor Required 3 Assume Imaging Group leased the machine directly from the manufacturer, Maker Corp., which produced the machine at a cost of $770,000. Prepare appropriate entries for Maker from the beginning of the lease through the second rental payment on April 1, 2021. (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.) Show less View transaction list Journal entry worksheet 1 2 > Record the cash receipt. Note: Enter debits before credits General Journal Date April 01, 2021 Debit Credit Record entry Clear entry View general Journal