Business, 21.12.2019 00:31 Josediego55

Manufacturers southern leased high-tech electronic equipment from international machines on january 1, 2018. international machines manufactured the equipment at a cost of $89,000. manufacturers southern's fiscal year ends december 31. (fv of $1, pv of $1, fva of $1, pva of $1, fvad of $1 and pvad of $1) (use appropriate factor(s) from the tables provided.) related information: lease term 2 years (8 quarterly periods) quarterly rental payments $16,000 at the beginning of each period economic life of asset 2 years fair value of asset $117,590 implicit interest rate 10% required: 1. show how international machines determined the $16,000 quarterly lease payments. 2. prepare appropriate entries for international machines to record the lease at its beginning, january 1, 2018, and the second lease payment on april 1, 2018.

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