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Prepare all of blossom journal entries

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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 $750,000 are made at the end of each year. The present value of the lease payments at 8% is $3,905,000. Blossom uses the effective-interest method of amortization and sum-of-the-years'-digits depreciation (no residual value).

(a) Prepare an amortization table for 20121 and 2022.

(b) Prepare all of Blossom's journal entries for 2021.

Reference no: EM133079371

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