Question: Nee Need help with only these journal entries please Elf Leasing purchased a machine for $470,000 and leased it to IGA, Inc. on January 1,

Nee NeeNeed help with only these journal entries please Elf Leasing purchased a machine for $470,000 and leased it to IGA, Inc. on January 1, 2021. Required: Prepare appropriate entries for both IGA and Elf Leasing from Need help with only these journal entries please

Elf Leasing purchased a machine for $470,000 and leased it to IGA, Inc. on January 1, 2021. Required: Prepare appropriate entries for both IGA and Elf Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Amortization is recorded at the end of each fiscal year (December 31). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.) Journal entry worksheet 2456 Record the payment to be made for acquisition of right to control the use of the equipment with a fair value of $470,000 in the books of IGA (Lessee). Note: Enter debits before credits. Journal entry worksheet 1 Record the payment of lease rental on equipment on April 01, 2021 in the books of IGA (Lessee). Note: Enter debits before credits. Journal entry worksheet Record the receipt of lease rental on equipment on April 01, 2021 in the books of Elf(Lessor). Note: Enter debits before credits

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