Question

Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2013. International Machines manufactured the equipment at a cost of $80,000 and lists a cash selling price of $112,080.


Required:
1. Show how International Machines determined the $15,000 quarterly lease payments.
2. Prepare appropriate entries for International Machines to record the lease at its commencement, January 1, 2013, and on March 31,2013.


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  • CreatedDecember 23, 2013
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