Safari File Edit View History Bookmarks Window Help 99% 9696H, Feb 29 6:39:51 PM
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Safari File Edit View History Bookmarks Window Help 99% 9696H, Feb 29 6:39:51 PM a ezto.mheducation.com Blocksheet Tophat 305 Accounting Hw Spanish HW My Binghamton YouTube Amazon Mint Chase Discover citi gmail Youtube VHL Central Jactivities: submit Ch 15 hw mandatory part 1 Edison Leasing Leased High-tech Electronic Equipment I| Chegg.com Question 4 (of 4) save & Exit | | Submit Save & ExitSubmit value: 10.00 points Machines on January 1, 2016. International Machines cost of $93,000. (FV of S1, PV of $1, FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factors) from the tables provided.) the equipment at a Related Information: Lease term Quarterly rental 2 years (8 quarterly periods) $17,000 at the beginning of each period Economic life of asset 2 years Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) S127,024 8% Required: 2. Prepare appropriate entries for Intenational Machines to record the lease at its inception, January 1, 2016, and the second rental payment on April 1, 2016. (f no entry is required for a particular transaction, select "No journal entry required" in the first account field.) view trans transaction list Journal E1. Record the lease. 2. Record cash received. 3. Record cash received. Reco Date January 2016 journal entry has been entered Hints References eBook & Resources FEB 29Explanation / Answer
entries for the transactions given
1) Record the lease
Jan1 Lease recievable a/c 127024
Cost of goods sold 93000
To inventory of equipment 93000
Sales revenue 127024
2) Record cash recieved
Cash 17000
To lease recievable 17000
3) Record cash recieved
apr1 Cash 17000
To Lease revenue 2201
Lease recievable 14799
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