Manufacturers Southern leased high - tech electronic equipment from International Machines on January 1 , 2 0
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Question:
Manufacturers Southern leased hightech electronic equipment from International Machines on January International Machines manufactured the equipment at a cost of $ Manufacturers Southern's fiscal year ends December
Note: Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
Related Information:
Lease term years quarterly periods
Quarterly rental payments $ at the beginning of each period
Economic life of asset years
Fair value of asset $
Implicit interest rate
Required:
Show how International Machines determined the $ quarterly lease payments.
Prepare appropriate entries for International Machines to record the lease at its beginning, January and the second lease payment on April
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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