NEED HELP RECORDING THESE TRANSACTIONS Baillie Power leased high-tech electronic equipment from Courtney Leasing...
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NEED HELP RECORDING THESE TRANSACTIONS
Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2021. Courtney purchased the equipment from Doane Machines at a cost of $254,000, its fair value. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor 2 years (8 quarterly periods) $19,000 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter 5 years 8% Record the beginning of the lease for Baillie Power. 2 Record the quarterly lease payment made by Baillie Power. Record the quarterly lease payment made by Baillie . Power. 4 Record amortization of the right-of-use asset for Baillie Power. 5 Record the quarterly lease payment made by Baillie Power. 6 Record amortization of the right-of-use asset for Baillie Power. Record the quarterly lease payment made by Baillie Power. 8 Record amortization of the right-of-use asset for Baillie Power. Record the quarterly lease payment made by Baillie Power. 10 Record amortization of the right-of-use asset for Baillie Power
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