Question

Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2013. Costs of negotiating and consummating the completed lease transaction incurred by Manufacturers Southern were $2,000. Edison purchased the equipment from International Machines at a cost of $250,177.


Required:
Prepare appropriate entries for Manufacturers Southern from the commencement of the lease through March 31, 2013. Appropriate adjusting entries are madequarterly.


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  • CreatedDecember 23, 2013
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