Newton Labs leased chronometers from Brookline Instruments on January 1, 2024. Brookline Instruments manufactured the chronometers at a cost of $200,000. The chronometers have a fair value of $260,000. Appropriate adjusting entries are made quarterly. Related Information: Lease term Quarterly lease payments 5 years (20 quarterly periods) $ 14,547 at January 1, 2024, and at March 31, June 30, September 30, and December 31 thereafter. Economic life of asset Estimated residual value of chronometers at end of lease term Interest rate charged by the lessor 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). 6 years $ 25,823 8% Required: 1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024, and on March 31, 2024. 2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2024, and on March 31, 2024.
Newton Labs leased chronometers from Brookline Instruments on January 1, 2024. Brookline Instruments manufactured the chronometers at a cost of $200,000. The chronometers have a fair value of $260,000. Appropriate adjusting entries are made quarterly. Related Information: Lease term Quarterly lease payments 5 years (20 quarterly periods) $ 14,547 at January 1, 2024, and at March 31, June 30, September 30, and December 31 thereafter. Economic life of asset Estimated residual value of chronometers at end of lease term Interest rate charged by the lessor 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). 6 years $ 25,823 8% Required: 1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024, and on March 31, 2024. 2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2024, and on March 31, 2024.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ?
![Newton Labs leased chronometers from Brookline Instruments on January 1, 2024. Brookline Instruments manufactured the
chronometers at a cost of $200,000. The chronometers have a fair value of $260,000. Appropriate adjusting entries are made
quarterly.
Related Information:
Lease term
Quarterly lease payments
Economic life of asset
Estimated residual value of chronometers at end of lease term
Interest rate charged by the lessor
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).
Required:
1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024, and on March 31,
2024.
Complete this question by entering your answers in the tabs below.
2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2024, and on
March 31, 2024.
View transaction list
Required 1 Required 2
Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024, and on March 31, 2024.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate
and final answers to nearest whole dollar.
1 Record the beginning of the lease for Newton Labs.
Record the lease payment made by Newton Labs.
Record the lease payment made by Newton Labs.
2
3
لیا
4 Record amortization for Newton Labs.
Note :
5 years (20 quarterly periods)
$ 14,547 at January 1, 2824, and at March 31, June 30, September 30,
and December 31 thereafter.
= journal entry has been entered
6 years
$ 25,823
Record entry
Clear entry
/
Credit
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcc262a17-aea7-4022-9fe8-cae21a346dc3%2F85ccdb14-b9fc-43d4-b81e-62de01487acc%2Fs7hgpk4_processed.png&w=3840&q=75)
Transcribed Image Text:Newton Labs leased chronometers from Brookline Instruments on January 1, 2024. Brookline Instruments manufactured the
chronometers at a cost of $200,000. The chronometers have a fair value of $260,000. Appropriate adjusting entries are made
quarterly.
Related Information:
Lease term
Quarterly lease payments
Economic life of asset
Estimated residual value of chronometers at end of lease term
Interest rate charged by the lessor
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).
Required:
1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024, and on March 31,
2024.
Complete this question by entering your answers in the tabs below.
2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2024, and on
March 31, 2024.
View transaction list
Required 1 Required 2
Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024, and on March 31, 2024.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate
and final answers to nearest whole dollar.
1 Record the beginning of the lease for Newton Labs.
Record the lease payment made by Newton Labs.
Record the lease payment made by Newton Labs.
2
3
لیا
4 Record amortization for Newton Labs.
Note :
5 years (20 quarterly periods)
$ 14,547 at January 1, 2824, and at March 31, June 30, September 30,
and December 31 thereafter.
= journal entry has been entered
6 years
$ 25,823
Record entry
Clear entry
/
Credit
View general journal
![Newton Labs leased chronometers from Brookline Instruments on January 1, 2024. Brookline Instruments manufactured the
chronometers at a cost of $200,000. The chronometers have a fair value of $260,000. Appropriate adjusting entries are made
quarterly.
Related Information:
Lease term
Quarterly lease payments
Economic life of asset
Estimated residual value of chronometers at end of lease term
Interest rate charged by the lessor
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).
Complete this question by entering your answers in the tabs below.
Required:
1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024, and on March 31,
2024.
2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2024, and on
March 31, 2024.
View transaction list
Required 1 Required 2
Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2024, and on March
31, 2024.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate
and final answers to nearest whole dollar.
1 Record the beginning of the lease for Brookline
Instruments.
2 Record the lease payment received by Brookline
Instruments.
3 Record the lease payment received by Brookline
Instruments.
Note :
5 years (20 quarterly periods)
$ 14,547 at January 1, 2024, and at March 31, June 30, September 30,
and December 31 thereafter.
) = journal entry has been entered
Record entry
6 years
$ 25,823
8%
Clear entry
Credit
View general journal
Show less A](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcc262a17-aea7-4022-9fe8-cae21a346dc3%2F85ccdb14-b9fc-43d4-b81e-62de01487acc%2Fxso5wh3_processed.png&w=3840&q=75)
Transcribed Image Text:Newton Labs leased chronometers from Brookline Instruments on January 1, 2024. Brookline Instruments manufactured the
chronometers at a cost of $200,000. The chronometers have a fair value of $260,000. Appropriate adjusting entries are made
quarterly.
Related Information:
Lease term
Quarterly lease payments
Economic life of asset
Estimated residual value of chronometers at end of lease term
Interest rate charged by the lessor
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).
Complete this question by entering your answers in the tabs below.
Required:
1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024, and on March 31,
2024.
2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2024, and on
March 31, 2024.
View transaction list
Required 1 Required 2
Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2024, and on March
31, 2024.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate
and final answers to nearest whole dollar.
1 Record the beginning of the lease for Brookline
Instruments.
2 Record the lease payment received by Brookline
Instruments.
3 Record the lease payment received by Brookline
Instruments.
Note :
5 years (20 quarterly periods)
$ 14,547 at January 1, 2024, and at March 31, June 30, September 30,
and December 31 thereafter.
) = journal entry has been entered
Record entry
6 years
$ 25,823
8%
Clear entry
Credit
View general journal
Show less A
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education