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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 $124,782. 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 S Related Information: Lease tere Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 $ 16,700 2 $ 124,782 8% years (8 quarterly periods) at the beginning of each period years Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through Janua 2025. Edison's fiscal year ends December 31.

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 $124,782. 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 S Related Information: Lease tere Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 $ 16,700 2 $ 124,782 8% years (8 quarterly periods) at the beginning of each period years Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through Janua 2025. Edison's fiscal year ends December 31.

FINANCIAL ACCOUNTING
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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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 $124.782. 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 (Also lessee's incremental borrowing rate) Amortization Schedule 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. Payment Date Complete this question by entering your answers in the tabs below. General Journal 01/01/2024 01/01/2024 2 years (8 quarterly periods) $ 16,700 2 $ 124,782 Lease Payments 8% 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. at the beginning of each period years Effective Interest Decrease in Balance Lease Balance
Transcribed Image Text: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 $124.782. 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 (Also lessee's incremental borrowing rate) Amortization Schedule 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. Payment Date Complete this question by entering your answers in the tabs below. General Journal 01/01/2024 01/01/2024 2 years (8 quarterly periods) $ 16,700 2 $ 124,782 Lease Payments 8% 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. at the beginning of each period years Effective Interest Decrease in Balance Lease Balance
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