Question: ELF leasing purchsaed a machine for 590,000 and leased it to IGA on Jan. 1-- Record the following journal entries. 1. Record the entry to

ELF leasing purchsaed a machine for 590,000 and leased it to IGA on Jan. 1-- Record the following journal entries.

ELF leasing purchsaed a machine for 590,000 and leased it to IGA

1. Record the entry to lease machinery from ELF on Jan 1, 2016

2. Record the cash paid for lease payment

3. Record the cash paid for the lease payment with interest

4. Record ELF leased receivable at Jan 1, 2016

5. Record the cash receipt for the lease payments

6. Record the cash receipt for the lease payments with interest

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