## Answers

Date | Particulars | Debit | credit |

Jan-01 | Fixed Asset - Machinery | $56,388.00 | |

Lease Payable - Sheridian | $56,388.00 | ||

( Leas Recordeded) | |||

Jan-01 | Lease rent | $10,535.00 | |

Cash | $10,535.00 | ||

( recorded 1st Lease payement | |||

Jan-01 | Interst exp (56388*5%) | $2,819.00 | |

Interest accrued on lease | $2,819.00 | ||

( Interest Booked | |||

Jan-01 | Lease Payable Dr | $13,082.68 | |

Lease amortization | $13,082.68 |

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