Reference no: EM132829360
Question - Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2021. International Machines manufactured the equipment at a cost of $90,000. Manufacturers Southern's fiscal year ends December 31.
Related Information:
Lease term 2 years (8 quarterly periods)
Quarterly rental payments $15,500 at the beginning of each period
Economic life of asset 2 years
Fair value of asset $117,772
Implicit interest rate 6%
Required -
1. Show how International Machines determined the $15,500 quarterly lease payments.
2. List the appropriate entries for International Machines to record the lease at its beginning, January 1, 2021, and the second lease payment on April 1, 2021.
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