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- Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2024. Courtney purchased the equipment from Doane Machines at a cost of $258,500, its fair value. 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 lease payments Economic life of asset Interest rate charged by the lessor 2 $23,500 5 8% years (8 quarterly periods) on January 1, 2024, and on March 31, June 30, September 30, and December 31 thereafter years Required: Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 2024. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter.Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2024. Courtney purchased the equipment from Doane Machines at a cost of $253,000, its fair value. 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 term2years (8 quarterly periods)Quarterly lease payments $18,000on January 1, 2024, and on March 31, June 30, September 30, and December 31 thereafterEconomic life of asset5yearsInterest rate charged by the lessor8% Required: Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 2024. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter.Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2024. Courtney purchased the equipment from Doane Machines at a cost of $253,000, its fair value. 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 term2years (8 quarterly periods)Quarterly lease payments$18,000on January 1, 2024, and on March 31, June 30, September 30, and December 31 thereafterEconomic life of asset5yearsInterest rate charged by the lessor8% Required: Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 2024. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter.
- 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 $131,379. 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 2 years (8 quarterly periods) $ 17,000 2 at the beginning of each period years $ 131,379 Implicit interest rate (Also 4% Fair value of asset lessee's incremental borrowing rate) Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1. 2025. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. Amortization Schedule General JournalBaillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2024. Courtney purchased the equipment from Doane Machines at a cost of $250,000, its fair value. 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 lease payments Economic life of asset Interest rate charged by the lessor Amortization General Schedule Journal Required: Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 2024. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter. Complete this question by entering your answers in the tabs below. Payment Date 01/01/2024 03/31/2024 06/30/2024 Prepare a lease amortization schedule. Note: Round your intermediate calculations and final answers to the nearest whole dollar. Enter all amounts as…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 $119,300. 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 2 years (8 quarterly periods) $ 16,500 at the beginning of each period years $ 119,300 2 12% rate) Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2025. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. Amortization Schedule General Journal Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2025. Edison's fiscal year ends…
- Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2024. Edison purchased the equipment from International Machines at a cost of $135.990. Note: Use tables, Excel, or a financial calculator. (EV of $1., PV of $1. EVA 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) 2 years (8 quarterly periods) at the beginning of each period years $ 18,200 2 $ 135,990 Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2025. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. Amortization General Schedule Journal Complete this question by entering your answers in the tabs below. Record the appropriate entries for Manufacturers Southern from the beginning of…Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2024. Edison purchased the equipment from International Machines at a cost of $136,768. 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 2 years (8 quarterly periods) 2 $ 18,000 at the beginning of each period years $ 136,768 Implicit interest rate (Also Fair value of asset lessee's incremental borrowing rate) 6% Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1; 2025. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. Complete this question by entering your answers in the tabs below. Amortization Schedule General Journal Prepare a lease amortization schedule for the term of the lease for…Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2024. Edison purchased the equipment from International Machines at a cost of $117,772. 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) Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2025. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. Amortiz... General Schedule Journal Answer is not complete. Complete this question by entering your answers in the tabs below. No 1 Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2025. Amortization is recorded at…
- Baillie Power leased hightech electronic equipment from Courtney Leasing on January 1, 2024. Courtney purchased the equipment from Doane Machines at a cost of $258,500, its fair value. 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 2 years (8 quarterly periods) Quarterly lease payments $23,500 on January 1, 2024, and on March 31, June 30, September 30, and December 31 thereafter Economic life of asset 5 years Interest rate charged by the lessor 8% Required: Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 2024. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter.Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2024. Edison purchased the equipment from International Machines at a cost of $135,990. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Related Information: Lease term Quarterly rental payments Economic life of asset 2 years (8 quarterly periods) years $ 18,200 at the beginning of each period 2 $ 135,990 Implicit interest rate (Also Fair value of asset lessee's incremental borrowing rate) 8% Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2025. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. Complete this question by entering your answers in the tabs below. Amortization Schedule General Journal Prepare a lease amortization schedule for the term of the lease for…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 $119,300. 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 years 2 years (8 quarterly periods) $ 16,500 at the beginning of each period 2 $ 119,300 Implicit interest rate (Also 12% Fair value of asset lessee's incremental borrowing rate) Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2025. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. Amortization General Schedule Journal Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2025. Edison's fiscal year ends…