Business, 24.03.2021 20:00 Molly05

Southwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2018. Hi-Tech manufactured the equipment at a cost of $85,500. Other information:
Lease term 4 years
Annual payments $31,000 on January 1 each year
Life of asset 4 years
Fair value of asset $110,890
Implicit interest rate 8%
Incremental rate 8%
There is no expected residual value.
Required:
Prepare appropriate journal entries for Hi-Tech Leasing for 2018. Assume a December 31 year-end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.)
1.Record the lease.
2.Record the cash received
3.Record the interest revenue

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Southwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2018. Hi-Tech manufa...

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