24-1) Southern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021. Other information:...
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24-1) Southern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021. Other information: Lease term Annual payments Life of asset Implicit interest rate Fair market value of equipment There is no expected residual value. 3 years $40,000 on January 1 each year 3 years 8% $111,332 Required: Prepare appropriate journal entries for Southern Edison (Lessee) for 2021. Assume straight-line amortization and a December 31 year-end. Round your answers to the nearest whole dollar amounts. *No cash on December 31, 2021. **Do not prepare the lessor's journal entries. No credit for the lessor's entries. January 1, 2021: December 31, 2021
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