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Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2024. Edison purchased the equipment from International Machines at a cost of $131,591. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) Amortization General Schedule Journal 2 $ 18,200 2 $ 131,591 Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through Jan 2025. Edison's fiscal year ends December 31. Payment 12% Complete this question by entering your answers in the tabs below. Lease years (8 quarterly periods) at the beginning of each period years Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2025. Edison's fiscal year ends December 31. Note: Round your intermediate and final answers to the nearest whole dollar. Enter all amounts as positive values. Decreaso Effective Answer is not complete. Lease

Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2024. Edison purchased the equipment from International Machines at a cost of $131,591. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) Amortization General Schedule Journal 2 $ 18,200 2 $ 131,591 Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through Jan 2025. Edison's fiscal year ends December 31. Payment 12% Complete this question by entering your answers in the tabs below. Lease years (8 quarterly periods) at the beginning of each period years Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2025. Edison's fiscal year ends December 31. Note: Round your intermediate and final answers to the nearest whole dollar. Enter all amounts as positive values. Decreaso Effective Answer is not complete. Lease

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2024. Edison purchased the equipment from International Machines at a cost of $131,591. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1. FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) Amortization General Schedule Journal 2 $ 18,200 2 $ 131,591 Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through Janua 2025. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. Lease Payments 4004034 12% Payment Date 01/01/2024 01/01/2024 $ 18,200 $ 15,791 X 04/01/2024 18,200 07/01/2024 years (8 quarterly periods) at the beginning of each period years Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2025. Edison's fiscal year ends December 31. Note: Round your intermediate and final answers to the nearest whole dollar. Enter all amounts as positive values. Effective Interest Answer is not complete. Decrease in Balance Lease Balance $ 131,591
Transcribed Image Text:Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2024. Edison purchased the equipment from International Machines at a cost of $131,591. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1. FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) Amortization General Schedule Journal 2 $ 18,200 2 $ 131,591 Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through Janua 2025. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. Lease Payments 4004034 12% Payment Date 01/01/2024 01/01/2024 $ 18,200 $ 15,791 X 04/01/2024 18,200 07/01/2024 years (8 quarterly periods) at the beginning of each period years Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2025. Edison's fiscal year ends December 31. Note: Round your intermediate and final answers to the nearest whole dollar. Enter all amounts as positive values. Effective Interest Answer is not complete. Decrease in Balance Lease Balance $ 131,591
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