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Prepare a amortization table

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Question - Blossom Co. as lessee records a finance lease of machinery on January 1, 2021. The seven annual lease payments of $814,000 are made at the end of each year. The present value of the lease payments at 12% is $3,715,000. Blossom uses effective interest method of amortization and sum of the year digits depreciation (no residual value).

Required - Prepare a amortization table for 2021 and 2022 in regards to annual lease receipts or payments and interest, reductions, & leases  receivables/liabilities?

Reference no: EM132788035

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