Manufacturers Southern leased hightech electronic equipment from Edison Leasing on January Edison purchased the equipment from International Machines at a cost of $
Note: Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
Related Information:
Lease term years quarterly periods
Quarterly rental payments $ at the beginning of each period
Economic life of asset years
Fair value of asset $
Implicit interest rate Also lessees incremental borrowing rate
Required:
Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January Amortization is recorded at the end of each fiscal year December on a straightline basis.
