Question: all steps please show work dont copy and paste Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians

all steps please show work dont copy and paste

Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians Leasing purchased a lithotripter from Rand for $2,260,000 and leased it to Mid-South Urologists Group, Incorporated, on January 1 , 2024. Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of S1, EVA of S1, PVA of S1. FVAD of S1 and PVAD of S11) Required: 1. How should this lease be classified by Mid-South Urologlsts Group and by Physicians' Leasing? 2. Prepare appropriate entries for both Mid-South Urologists Group and Physicians' Leasing from the beginning of the lease through the second rental payment on April 1,2024. Adjusting entries are recorded at the end of each fiscal year (December 31). 3. Assume Mid-South Utologists Group leased the lithotripter directly from the manufacturer, Rand Medicat, which produced the machine ot a cost of $1.9million. Prepare oppropriate entries for Rand Medical from the beginning of the lease through the second lease payment on April 1, 2024

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