Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2013. Edison purchased...
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Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2013. Edison purchased the equipment from International Machines at a cost of $117,240. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
| Related Information: | |
| Lease term | 2 years (8 quarterly periods) |
| Quarterly rental payments | $15,300 at the beginning of each period |
| Economic life of asset | 2 years |
| Fair value of asset | $117,240 |
| Implicit interest rate | 5% |
| (Also lessee | |
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