Prob 15-1 - Assig nment Pr int View Score 0 1 out of 100...

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2/25/14 Assignment Print View ezto.mhecloud.mcgraw-hill.com/hm_accounting.tpx?todo=printviewSingle 1/4 Score: 0 out of 100 points (0%) 1. aw ard: 0 out of 10.00 points Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2013. Edison purchased the equipment from International Machines at a cost of $112,080. ( 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 2 years (8 quarterly periods) Quarterly rental payments $15,000 at the beginning of each period Economic life of asset 2 years Fair value of asset $112,080 Implicit interest rate 8% (Also lessee’s incremental borrowing rate) Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the inception of the lease through January 1, 2014. Edison’s fiscal year ends December 31. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) $ $ $ $
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