Question: Jane Wright Company needs an amortization schedule for a 6-year finance lease. The implicit interest rate in the lease is 4%. The beginning of the

Jane Wright Company needs an amortization schedule for a 6-year finance lease. The implicit interest rate in the lease is 4%. The beginning of the lease is December 31, 2021. Lease payments are $300,000 and made each December 31 starting at December 31, 2021.

a.)Prepare the Amortization schedule. Show calculations below the table, rounding each amount to the nearest dollar.

Date

Payments

Effective Interest

Decrease in Balance

Outstanding Balance

b.)Prepare the journal entries for the December 31, 2021 payment and the December 31, 2022 payment.

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