1. Prepare appropriate journal entries in the books of Eye Deal as follows | |||
Date | Accounts Title and Explanation | Debit | Credit |
January 01,2021 | Right to use assets | 437,810 | |
To Lease Payable | 437,810 | ||
(to record equipment leased) | |||
January 01,2021 | Lease Payable | 26,250 | |
To cash | 26,250 | ||
(to record quarterly lease payment) | |||
March 31,2021 | Lease payable | 18,019 | |
Interest Expesne | 8,231 | ||
To cash | 26,250 | ||
(to record quarterly lease payment) | |||
March 31,2021 | Amortization expense(437810/20) | 21,896 | |
To Right to use assets | 21,896 | ||
(to record amortization expense) | |||
Notes: Lease Amortizarion Expense :- | ||||
Date | Payment | Effective Interest | Decrease in balance | Outstanding balance |
1/1/2018 | 437,810 | |||
1/1/2018 | 26,250 | 26,250 | 411,560 | |
3/31/2018 | 26,250 | 8,231 | 18,019 | 393,541 |
6/30/2018 | 26,250 | 7,871 | 18,379 | 375,162 |
Date | Effective Interest | |||
3/31/2018 | =411560*8%*3/12 | |||
6/30/2018 | =393541*8%*3/12 | |||
Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2021. Insight Machines manufactured...
Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2021. Insight Machines manufactured the equipment at a cost of $310,000 and lists a cash selling price of $387,774. Appropriate adjusting entries are made quarterly. (FV of $1, PV of $1. FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor...
Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2021. Insight Machines manufactured the equipment at a cost of $230,000 and lists a cash selling price of $264,336. Appropriate adjusting entries are made quarterly. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor...
Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2021. Insight Machines manufactured the equipment at a cost of $310,000 and lists a cash selling price of $387,774. Appropriate adjusting entries are made quarterly. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor...
Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2021. Insight Machines manufactured the equipment at a cost of $380,000 and lists a cash selling price of $475,336. Appropriate adjusting entries are made quarterly. (FV of $1, PV of $1. FVA of $1, PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor...
Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2018. Insight Machines manufactured the equipment at a cost of $270,000 and lists a cash selling price of $369,077. Appropriate adjusting entries are made quarterly. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor...
Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2018. Insight Machines manufactured the equipment at a cost of $200,000 and lists a cash selling price of $250,177. Appropriate adjusting entries are made quarterly. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term 5 years (20 quarterly periods) Quarterly lease payments $15,000 at Jan. 1, 2018,...
Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2018. Insight Machines manufactured the equipment at a cost of $280,000 and lists a cash selling price of $350,248. Appropriate adjusting entries are made quarterly. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term 5 years (20 quarterly periods) Quarterly lease payments $21,000 at Jan. 1, 2018,...
Eye Deal Optometry leased vision testing equipment from Insight Machines on January 1, 2018. Insight Machines manufactured the equipment at a cost of $330.000 and lists a cash selling price of $412,792. Appropriate adjusting entries are made quarterly. V of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of S1) (Use appropriate factors) from the tables provided.) Related Information Lease term Quarterly lease payments Economie life of asset Interest rate charged by the...
Eye Deal Optometry leased vision testing equipment from Insight Machines on January 1, 2018. Insight Machines manufactured the equipment at a cost of $300,000 and lists a cash selling price of $344,786. Appropriate adjusting entries are made quarterly. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1] (Use appropriate factor(s) from the tables provided.) Related Information Lease tere Quarterly lease payments Economic life of asset Interest rate charged by the...
Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2021. Insight Machines manufactured the equipment at a cost of $360,000 and lists a cash selling price of $492,102. Appropriate adjusting entries are made quarterly. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor...