Business, 01.12.2021 19:40 Ilikepandas2019
Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2021. International Machines manufactured the equipment at a cost of $85,000. Manufacturers Southern's fiscal year ends December 31.
Related Information:
Lease term 2 years (8 quarterly periods)
Quarterly rental payments $16,700 at the beginning of each period
Economic life of asset 2 years
Fair value of asset $124,782
Implicit interest rate 8%
Required:
a. Show how International Machines determined the $16,700 quarterly lease payments.
b. Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2021, and the second lease payment on April 1, 2021.
Answers: 1
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Manufacturers Southern leased high-tech electronic equipment from International Machines on January...
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