Wildhorse Corporation purchased a truck by issuing an $113,600, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 9%. Prepare the journal entry to record the purchase of this truck

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 $139,107. 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 rental payments $ 18,000 at the beginning of each period Economic life of asset 2 years Fair value of asset $ 139,107   Implicit interest rate (Also lessee’s incremental borrowing rate) 4%   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

Universal Leasing leases electronic equipment to a variety of businesses. The company's primary service is providing alternate financing by acquiring equipment and leasing it to customers under long-term leases. . Universal earns interest under these arrangements at a 10% annual rate. . Universal purchased an electronic typesetting machine on December 31, 2023, for $94,000 and then leased it to Desktop. Incorporated, a local publisher. The six-year operating lease term commenced January 1, 2024, and the lease contract specified annual payments of $8.400 beginning December 31, 2024, and on each December 31 through 2029. . The machine's estimated useful life is 15 years with no estimated residual value. • The publisher had the option to terminate the lease after four years. At the beginning of the lease, there was no reason to believe the lease would be terminated. Required: 1. Prepare the appropriate entries for Universal Leasing from the beginning of the lease through the end of 2024.…

Crane Co. purchases land and constructs a service station and car wash for a total of $532500. At January 2, 2021, when construction is completed, the facility and land on which it was constructed are sold to a major oil company for $590000 and immediately leased from the oil company by Crane. Fair value of the land at time of the sale was $58500. The lease is a 10-year, noncancelable lease. Crane uses straight-line depreciation for its other various business holdings. The economic life of the facility is 15 years with zero salvage value. Title to the facility and land will pass to Crane at termination of the lease. A partial amortization schedule for this lease is as follows:     Payments   Interest   Amortization   Balance Jan. 2, 2021       $590000.00 Dec. 31, 2021 $96019.78 $59000.00 $37019.78 552980.22 Dec. 31, 2022 96019.78 55298.02 40721.76 512258.46 Dec. 31, 2023 96019.78 51225.85 44793.93 467464.53 What is the amount of the…

Cullumber Co. purchases land and constructs a service station and car wash for a total of $487500. At January 2, 2021, when construction is completed, the facility and land on which it was constructed are sold to a major oil company for $560000 and immediately leased from the oil company by Cullumber. Fair value of the land at time of the sale was $56000. The lease is a 10-year, noncancelable lease. Cullumber uses straight-line depreciation for its other various business holdings. The economic life of the facility is 15 years with zero salvage value. Title to the facility and land will pass to Cullumber at termination of the lease. A partial amortization schedule for this lease is as follows:     Payments   Interest   Amortization   Balance Jan. 2, 2021       $560000 Dec. 31, 2021 $91137.42 $56000 $35137.42 524862.58 Dec. 31, 2022 91137.42 52486.26 38651.16 486211.42 Dec. 31, 2023 91137.42 48621.14 42516.28 443695.14 What is the…