Homework Answers
| A | Date | Lease payment | Effective interest | Decrease in Balance | Outstanding Balance |
| Jul-01 | $1,60,000 | ||||
| Jul-01 | $6,720 | $6,720 | $1,53,280 | ||
| Oct-01 | $6,720 | $4,598 | $2,122 | $1,51,158 | |
| B | |||||
| Interest Expense (Lessee) = $4,598 | |||||
| Interest Income (Lessor) = $4,598 | |||||
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