Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2024. International Machines manufactured the equipment at a cost of $92.000. Manufacturers Southern's fiscal year ends December 31. Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. EVA of $1. PVA of$1 EVAD of $1 and PVAD of $1) Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate 2 years (8 quarterly periods) at the beginning of each period years $ 18,000 2 $ 134,496 8% Required: 1. Show how International Machines determined the $18,000 quarterly lease payments. 2. Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2024, and the second lease payment on April 1, 2024. PV factors based on Table or Calculator function PV of Lease Complete this question by entering your answers in the tabs below. Required 1 Required 2 Show how International Machines determined the $18,000 quarterly lease payments. Note: Round your intermediate and final answers to the nearest whole dollar. Round your percentage answer to 1 decimal place.

Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2024. International Machines manufactured the equipment at a cost of $92.000. Manufacturers Southern's fiscal year ends December 31. Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. EVA of $1. PVA of$1 EVAD of $1 and PVAD of $1) Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate 2 years (8 quarterly periods) at the beginning of each period years $ 18,000 2 $ 134,496 8% Required: 1. Show how International Machines determined the $18,000 quarterly lease payments. 2. Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2024, and the second lease payment on April 1, 2024. PV factors based on Table or Calculator function PV of Lease Complete this question by entering your answers in the tabs below. Required 1 Required 2 Show how International Machines determined the $18,000 quarterly lease payments. Note: Round your intermediate and final answers to the nearest whole dollar. Round your percentage answer to 1 decimal place.

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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