Reference no: EM132669899
Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2021. Insight Machines manufactured the equipment at a cost of $370,000 and lists a cash selling price of $425,235. Appropriate adjusting entries are made quarterly. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
Required:
Problem a: Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021.
1) Record the beginning of the lease for Eye Deal.
2) Record the lease payment made by Eye Deal on January 1, 2021.
3)Record the lease payment made by Eye Deal on March 31, 2021.
4) Record amortization of the right-of-use asset for Eye Deal.
Problem b: Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021.
1) Record the beginning of the lease for Insight Machines.
2) Record the lease payment received by Insight Machines on January 1, 2021.
3) Record the lease payment received by Insight Machines on March 31, 2021.
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