Business, 24.03.2021 21:40 evere11605

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 yearsAnnual payments $31,000 on January 1 each yearLife of asset 4 yearsFair value of asset $110,890Implicit 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 received3.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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