Please help me 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 theequipment 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) (Useappropriate factor(s) from the tables provided.)Related Infoernation2 yeara (8 quarterly periods)$15.000 at the beginning of each period2 years$112,000Lease ternQuarterly rental paynentaEcononie life of assetFair valse of ansetImplicit 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.AmortScheduleGeneralJournal

A lease appears to be an agreement that defines the terms under which one group agrees to rent an…

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,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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