Southwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021. Hi-Tech manufactured the equipment at a cost of $92,500.

Other information:
Lease term 4 years
Annual payments $45,000 on January 1 each year
Life of asset 4 years
Fair value of asset $165,285
Implicit interest rate 6%
Incremental rate 6%
PV, annuity due, 3 periods, 8% 2.7833
PV, ordinary annuity, 3 periods, 8% 2.5771

There is no expected residual value.
Required:
Prepare appropriate journal entries for Southwestern Edison for 2021and 2022. Assume straight-line amortization and a December 31 year-end.

If the supply of aisle seats and middle seats on an airplane is the same, but the demand for aisle seats is greater than the demand for middle seats, then the equilibrium price of aisle seats will be less than the equilibrium price of middle seats. true false

Do savings and loan associations offer checking accounts?

The following accounts appeared in recent financial statements of delta air lines. identify each account as either a balance sheet account or an income statement account. for each balance sheet account, identify it as an asset, a liability, or stockholders' equity. for each income statement account, identify it as a revenue or an expense. item financial statement type of account accounts payable balance sheet advanced payments for equipment balance sheet air traffic liability balance sheet aircraft fuel (expense) income statement aircraft maintenance (expense) income statement aircraft rent (expense) income statement cargo revenue income statement cash balance sheet contract carrier arrangements (expense) income statement flight equipment balance sheet frequent flyer (obligations) balance sheet fuel inventory balance sheet landing fees (expense) income statement parts and supplies inventories balance sheet passenger commissions (expense) income statement passenger revenue income statement prepaid expenses income statement taxes payable balance sheet