Business, 15.07.2020 03:01 milkshakegrande101

Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $121,046. Related Information:
Lease term 2 years (8 quarterly periods)
Quarterly rental payments $15,700 at the beginning of each period
Economic life of asset 2 years
Fair value of asset $113,515
Implicit interest rate 12%
(Also 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, 2022. Edison’s fiscal year ends December 31.

Answers: 2

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Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021....

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