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How do prepare the amortization table

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Question - Hughey Co as lessee records a finance lease of machinery on January 1, 2018. The seven annual lease payments of $700,000 are mad at the end of each year. The present value of the lease payments at 11% is $3,409,000. Hughey uses the effective-interest method of amortization and sum-of-the-year's-digits depreciation (no residual value). How do prepare the amortization table for 2018 and 2019.

Reference no: EM132620774

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