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PROBLEM 3 On Dec 31, 2018, Malton Corporation from Brampton. The terms of the lease...

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PROBLEM 3 On Dec 31, 2018, Malton Corporation from Brampton. The terms of the lease called for Malton to make annual payments or each Dec 31, beginning with Dec 31, 2018, for five years with the equipment ga signed a five-year noncancelable lease for equipment going back to the no lessor at the end of this period. The equipment has an estimated usetul ia fnance salvage value. Malton minimum lease payments were determined to have a present value of interest rate of 10%. life of 5 years and accordingly accounts for this lease transaction as a finance lease. The $208,493 at an effective Prepare a lease amortization table for 12/31/18& 1231/19 Record Malton's & Brampton's joumal entries for 12/31/18 & 12/31/19. a. b

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