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KL Robotics leased production machinery to Wade Automotive on October 1, 2019. The terms of...

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Accounting

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KL Robotics leased production machinery to Wade Automotive on October 1, 2019. The terms of the lease are as follows: Required: a) Calculate the amount that Wade Automotive must initially recognize as aright-of-use (ROU) asset under this contract, using a financial calculator. b) Prepare an asset depreciation schedule using Excel that covers the useful life of the equipment. Confirm the initial measurement of the ROU asset using the Excel PV function. c) Prepare a lease liability amortization schedule for the life of the lease using Excel. d) Prepare all journal entries for Wade Automotive related to the lease for the year ended September 30,2020 , including the entry at the inception of the lease, the lease payment, and any adjusting journal entries at year end

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