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southern edison leased equipment from hi tech leasing on jan 1 2015 lease term 3 yrs annual payments 40,000 on jan 1 ea yr life

southern edison leased equipment from hi tech leasing on jan 1 2015

lease term 3 yrs
annual payments 40,000 on jan 1 ea yr
life of asset 3 yrs
implicit interest rate 8%
incremental rate 8%
PV, annuity due, 3 periods, 8% 2.7833
PV, ordinary annuity, 3 periods, 8% 2.5771
no residual

prepare journal entries for Southern Edison for 2015 and 2016. Assume straight line depreciation

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