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Southwestern Edison Company leased equipment from Hi - Tech Leasing on January 1 , 2 0 2 4 . Hi - Tech manufactured the equipment
Southwestern Edison Company leased equipment from HiTech Leasing on January HiTech manufactured the equipment at a cost of $
Other information:
Lease term years
Annual payments $ on January each year
Life of asset years
Fair value of asset $
Implicit interest rate
Incremental rate
There is no expected residual value.
Required:
Prepare appropriate journal entries for HiTech Leasing for Assume a December yearend.
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