Baillie Power leased high-tech electronic equipment from
Courtney Leasing on January 1, 2021. Courtney purchased the
equipment from Doane Machines at a cost of $250,500, its fair
value. (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 | 2 years (8 quarterly periods) |
Quarterly lease payments | $15,500 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter |
Economic life of asset | 5 years |
Interest rate charged by the lessor | 12% |
Required:
Prepare a lease amortization schedule and appropriate entries for
Baillie Power from the beginning of the lease through December 31,
2021. December 31 is the fiscal year end for each company.
Appropriate adjusting entries are recorded at the end of each
quarter.
Record the appropriate adjusting entries at the end of each quarter for Baillie Power from the commencement of the lease through January 1, 2021. December 31 is the fiscal year end for each company. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answers to the nearest whole dollar.)
How to record on General Journal
Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2021. Courtney purchased the...
Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2021. Courtney purchased the equipment from Doane Machines at a cost of $260,000, its fair value. (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 2 years (8 quarterly periods) Quarterly lease payments $25,000 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and...
Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2021. Courtney purchased the equipment from Doane Machines at a cost of $251,500, its fair value. (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 2 years (8 quarterly periods) Quarterly lease payments $16,500 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and...
Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2021. Courtney purchased the equipment from Doane Machines at a cost of $252,000, its fair value. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $i) (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 2 years (8 quarterly periods) $17,eee at Jan. 1,...
Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2021. Courtney purchased the equipment from Doane Machines at a cost of $260,000, its fair value. (FV of S1, PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $0 (Use appropriate factor(s) from the tables provided.) Related Information Lease term Quarterly lease payments Economie life of asset Interest rate charged by the lesson 2 years ( quarterly periods) $25,000 at Jan 1,...
Exercise 15-16 (Algo) Lessee; operating lease [LO15-4] Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2021. Courtney purchased the equipment from Doane Machines at a cost of $253,500, its fair value. (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 2 years (8 quarterly periods) $18,500 at Jan. 1, 2021, and at Mar. 31, June...
Grichuk Power leased high-tech electronic equipment from Kolten Leasing on January 1, 2018. Kolten purchased the equipment from Wong Machines at a cost of $259.000, its fair value. (FV of $1. PV of $1. FVA of $1. PVA of S1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Informations Lease ter Quarterly lease payments Economic life of asset Interest rate charged by the lessor 2 years (8 quarterly periods) $24,000 at Jan. 1,...
Manufacturers Southern leased high-tech electronic equipment
from Edison Leasing on January 1, 2021. Edison purchased the
equipment from International Machines at a cost of $127,024. (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 2 years (8 quarterly periods) Quarterly
rental payments $17,000 at the beginning of each period Economic
life of asset 2 years Fair value of asset...
Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $139,107. (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 2 years (8 quarterly periods) Quarterly rental payments $18,000 at the beginning of each period Economic life of asset 2 years Fair value of asset...
Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $112,446. (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.) or Use Intermediate Accounting table if not provided Related Information: Lease term 2 years (8 quarterly periods) Quarterly rental payments $15,300 at the beginning of each period Economic life...
Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $123,651. (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 2 years (8 quarterly periods) $16,000 at the beginning of each Quarterly rental payments period Economic life of asset 2 years Fair value of asset...