Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2024. Insight Machines manufactured...

 

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Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2024. Insight Machines manufactured the equipment at a cost of $220,000 and lists a cash selling price of $275,195. Appropriate adjusting entries are made quarterly. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor Required: 5 years (20 quarterly periods) at January 1, 2024, and at March 31, June 30, September 30, a $16,500 December 31 thereafter 5 years 8% 1. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2024, and on March 31, 2024. 2. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2024, and on March 31, 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 < Prev 3 of 4 Next > Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2024. Insight Machines manufactured the equipment at a cost of $220,000 and lists a cash selling price of $275,195. Appropriate adjusting entries are made quarterly. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor Required: 5 years (20 quarterly periods) at January 1, 2024, and at March 31, June 30, September 30, a $16,500 December 31 thereafter 5 years 8% 1. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2024, and on March 31, 2024. 2. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2024, and on March 31, 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 < Prev 3 of 4 Next >