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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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