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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 $700,300 are made at the end of each year. The present value of the lease payments at 9% is $3,409,900. Hughey uses the effective-interest method of amortization and sum-of-the-year's-digits depreciation (no residual value).
Required - How do prepare the amortization table for 2018 and 2019 and journal these transactions to record the lease, the first lease payment, and to record depreciation?
You have explored many options for managing data as well as its importance to the overall health of an organization in making well-informed decisions.
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