Answers
Quarterly Lease Payments P.V n = 20,1 =4 Present Value of Annual Lease Payment Add Present Value of residual value (12912".45639) Present Value of Lease Receivable 16729 14.13394 236447 5893 242340
Prepare appropriate entries for Newton Labs Debit Credit Date General Journal 2021 1-Jan Right of use asset Lease Payable 236447 236447 1-Jan Lease Payable 16729 Cash 16729 31-Mar Interest expense Lease Payable Cash 9024 7705 16729 11822 31-Mar Amortization expense Right of use asset 11822 Prepare appropriate entries for Brookline Instruments Debit Credit Date General Journal 2018 1-Jan Lease Receivable Cost of Goods Sold (230000-5893) Sales Revenue Equipment 242340 224107 236447 230000
13819 1-Jan Cash Lease Receivable 13819 16729 31-Mar Cash Interest Revenue Lease Receivable 9024 7705
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