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Posted by: Homeworkhelp
Price Quoted by Student: $3
Posted On: 2010-10-23 09:09:42
 
Question

Windom Co. as lessee records a capital lease of machinery on January 1,2008. The seven annual lease payments of $350,000 are made at the end of each year. The present value of the lease payments at 10% is $1,704,000. Windom uses the effective-interest method of amortization and the sum-of-years' -digits depreciation (no residual value).

Instructions

a)       Prepare an amortization table for 2008 and 2008

b)      Prepare all of Windom's journal entries for 2008


Solutions
SOLUTION   a) Prepare an amortization table
Price $3
Attachment 1: Windom Co. as.doc
Solution Posted By: Homeworkhelp    Posted on: 23-10-2010