Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased the equipment from international Machines at a cost of $112,080. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factorts) from the tables provided.) Related Infernation Lease tem Quarterly rental paynenta Eeononie life of asset Fair valse of asset Inplieit interest rate (Alae lessee's inerenental borrowing rate) 2 years ( quarterly periods) $15.000 at the beginning of each period 2 year $112,000 Required: for Frison Leasing from the beginning of the lease through January 1,
Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased the equipment from international Machines at a cost of $112,080. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factorts) from the tables provided.) Related Infernation Lease tem Quarterly rental paynenta Eeononie life of asset Fair valse of asset Inplieit interest rate (Alae lessee's inerenental borrowing rate) 2 years ( quarterly periods) $15.000 at the beginning of each period 2 year $112,000 Required: for Frison Leasing from the beginning of the lease through January 1,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Exercise 15-7 (Static) Sales-type lease with no selling profit; lessor (LO15-2)
Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased the
equipment from International Machines at a cost of $112,080. (EV of $1. PV of $1. EVA of $1. PVA.of $1. EVAD of $1 and PVAD of $1) (Use
appropriate factor(s) from the tables provided.)
Related Infoernation
2 yeara (8 quarterly periods)
$15.000 at the beginning of each period
2 years
$112,000
Lease tern
Quarterly rental paynenta
Econonie life of asset
Fair valse of anset
Implicit interest rate
(Alao lessee's inerenental borrowing rate)
Required:
Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1,
2022. Edison's fiscal year ends December 31.
Complete this question by entering your answers in the tabs below.
Amort
Schedule
General
Journal
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