Assignment Print View 5. Award: 10.oo points leased high-tech electronic equipme

Question

Assignment Print View 5. Award: 10.oo points leased high-tech electronic equipment from Edison Leasing on January 1. 2018. Edison purchased the ouperSouth o appropriate factor(s) from the tables provided.) Related Information: Lease term Quartorly rental payments Economic life of asset Fair value of asset Implicit interest rate 2 years (8 quarterly periods) $18,000 at the beginning of each periad 2 yoars $136,788 6% Also lessee's incremental borrowing rate) g areortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through . Depreciation is recorded at the end of each fiscal Required January 1, 2019 year (December 31) on a straight-line basis n the tabs below. Complete this question by entering your answers i Amort General Schedule Journal Panearg a lease amortizaton schedule for the term of the lease for Manufacturers Southern. (Enter all mounts as pout values.) Decrease in Effective Interest Lease Payment DatePayments Balance Lease Balance 01/01/2018 04/01/2018 07/01/2018 10/01/2018 01/01/2019 04/01/2019 07/01/2019 10/01/2019 Total

Explanation / Answer

Payment Date Lease Payments Effective Interest Decrease in balance Lease balance $                                136,768 1/1/2018 $                18,000 $                            -   $                         18,000 $                                118,768 4/1/2018 $                18,000 $                     1,782 $                         16,218 $                                102,550 7/1/2018 $                18,000 $                     1,538 $                         16,462 $                                   86,088 10/1/2018 $                18,000 $                     1,291 $                         16,709 $                                   69,379 1/1/2019 $                18,000 $                     1,041 $                         16,959 $                                   52,420 4/1/2019 $                18,000 $                         786 $                         17,214 $                                   35,206 7/1/2019 $                18,000 $                         528 $                         17,472 $                                   17,734 10/1/2019 $                18,000 $                         266 $                         17,734 $                                             0 Effective interest=6%/4*ending lease balance. Decrease in balance=Lease payment-effective interest Please write back for questions.

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