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Prepare a lease amortization schedule

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Reference no: EM132973437

Problem - Post Co as a lessor records a sales type lease with a sales profit for machinery on 1/1/19. The 7 annual lease receipts of $210,000 are collected at the end of each year. The present value of the lease receipts at 10% is $1,022,400. Post manufactured the machinery for $900,000. Prepare a lease amortization schedule from 1/1/19 to 12/31/20. Prepare the journal entries from 1/1/19 to 1 2/31/20. Show all computations.

Reference no: EM132973437

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