Sally Company engaged in leasing a machine for quality control that requires payment of $1,500 at the beginning of each month for 48 months. The economic life of the machine is 5 years. Sally Company normally is subject to 12% interest rate in business transactions.

Q4. Provide journal on the date the lease contract was signed.

Q5. Complete partial amortization Schedule for payment periods 0, 1, and 2.

Q6. Provide the necessary journal entry that company must make for 2nd monthly paymen