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Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1,2024. Edison purchased the...

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Accounting

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 $123,651.
Note: Use tables, Excel, or a financlal calculator. (FV of $1. PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
\table[[Lease term,],[Quarterly rental payments,2 years (8 quarterly periods)],[Economic life of asset,\table[[at the beginning of each period],[years]]],[Fair value of asset,$123,651 years],[\table[[Implicit interest rate (Also],[lessee's incremental borrowing],[rate)]],4%
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