Question: QUESTION 7 Eastern Edison Company leased equipment from Hi-Tech Leasing on January 1,2018. Other information: Lease term 3 years Annual payments $80,000 on January 1

QUESTION 7 Eastern Edison Company leased equipment from Hi-Tech Leasing on January 1,2018. Other information: Lease term 3 years Annual payments $80,000 on January 1 each year Life of asset 3 years Implicit interest rate 8% PV, annuity due, 3 periods, 8% 2.7833 PV ordinary annuity, 3 periods, 8% 2.5771 Hi-Tech's cost of the equipment $222,664 There is no expected residual value. Required: Prepare appropriate journal entries for Hi-Tech Leasing for 2018 and 2019. Assume a December 31 year-end. Rou Path: p

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