Scape Corp. manufactures telephony equipment. Scape leased equipment to User, Inc. on January 1, 2021. Scape produced the equipment at a cost of $4,600,000. 23 $ 587,420 at beginning of each period 4 years (16 quarters) Lease description: Quarterly rental payments Lease term No residual value; no BPO Economic life of equipment Implicit interest rate and lessee's incremental borrowing rate Fair value of asset 4 years 12% $7,600,000 Required: Prepare appropriate entries for both User and Scape 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). Complete this question by entering your answers in the tabs below. User Inc Scape Corp Prepare appropriate entries for User 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 lease. Note: Enter debits before credits Date General Journal Debit Credit January 01, 2021 Scape Corp. manufactures telephony equipment. Scape leased equipment to User, Inc. on January 1, 2021. Scape produced the equipment at a cost of $4,600,000. 23 $ 587,420 at beginning of each period 4 years (16 quarters) Lease description: Quarterly rental payments Lease term No residual value; no BPO Economic life of equipment Implicit interest rate and lessee's incremental borrowing rate Fair value of asset 4 years 12% $ 7,600,000 Required: Prepare appropriate entries for both User and Scape 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). Complete this question by entering your answers in the tabs below. User Inc Scape Corp Prepare appropriate entries for User 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 payment. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Scape Corp. manufactures telephony equipment. Scape leased equipment to User, Inc. on January 1, 2021. Scape produced the equipment at a cost of $4,600,000. 23 $ 587,420 at beginning of each period 4 years (16 quarters) Lease description: Quarterly rental payments Lease term No residual value; no BPO Economic life of equipment Implicit interest rate and lessee's incremental borrowing rate Fair value of asset 4 years 128 $ 7,600,000 Required: Prepare appropriate entries for both User and Scape 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). Complete this question by entering your answers in the tabs below. User Inc Scape Corp Prepare appropriate entries for User 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 payment. Note: Enter debits before credits. Date General Journal Debit Credit April 01, 2021 Scape Corp. manufactures telephony equipment. Scape leased equipment to User, Inc. on January 1, 2021. Scape produced the equipment at a cost of $4,600,000 23 $ 587,420 at beginning of each period 4 years (16 quarters) Lease description: Quarterly rental payments Lease term No residual value; no BPO Economic life of equipment Implicit interest rate and lessee's incremental borrowing rate Fair value of asset 4 years 129 $ 7,600,000 Required: Prepare appropriate entries for both User and Scape 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). Complete this question by entering your answers in the tabs below. User Inc Scape Corp Prepare appropriate entries for Scape 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 1 2 3 > Record the lease. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Scape Corp. manufactures telephony equipment. Scape leased equipment to User, Inc. on January 1, 2021. Scape produced the equipment at a cost of $4,600,000. 23 $587,420 at beginning of each period 4 years (16 quarters) Lease description: Quarterly rental payments Lease term No residual value; no BPO Economic life of equipment Implicit interest rate and lessee's incremental borrowing rate Fair value of asset 4 years 12% $ 7,600,000 Required: Prepare appropriate entries for both User and Scape 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). Complete this question by entering your answers in the tabs below. User Inc Scape Corp Prepare appropriate entries for Scape 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 received. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Scape Corp. manufactures telephony equipment. Scape leased equipment to User, Inc. on January 1, 2021. Scape produced the equipment at a cost of $4,600,000. 23 $ 587,420 at beginning of each period 4 years (16 quarters) Lease description: Quarterly rental payments Lease term No residual value; no BPO Economic life of equipment Implicit interest rate and lessee's incremental borrowing rate Fair value of asset 4 years 122 $ 7,600,000 Required: Prepare appropriate entries for both User and Scape 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). Complete this question by entering your answers in the tabs below. User Inc Scape Corp Prepare appropriate entries for Scape 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 received. Note: Enter debits before credits. Date General Journal Debit Credit April 01, 2021