Travon1418
08.10.2019 •
Business
Manufacturers southern leased high-tech electronic equipment from edison leasing on january 1, 2016. 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 jan. 1, 2016, and mar. 31, june 30, sept. 30, and dec. 31 thereafter.economic life of asset 2 yearsimplicit interest rate 8% (also lessee’s incremental borrowing rate)required: prepare a lease amortization schedule for the term of the lease for manufacturers southern from the inception of the lease through january 1, 2017. depreciation is recorded at the end of each fiscal year (december 31) on a straight-line basis.
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