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A &A products entered into a lease agreement with P &P Products, Inc. to purchase a piece of euipment on January 1, 2012. The terms of the lease are 8%, 5 year lease with a 6 year useful lefe. The machine has a fair value of 600,000. The residual value is zeron. A&A products doesn't know the intrest rate that P&P products uses. Assume that the entries have not been made on the books of A&A products.
REQUIREMENT: Prepare a five year amortization schedule. Show all necessary entries on the books of A&A products for the first year.
REQUIREMENT:Assume that the lessor's (P&P products) intrest rate is 8% and that the lease qualifies as a direct financing lease, using the infor mation above: Prepare the lessor's amortization table for the duration of the lease and make entries on the books P&p products for the first two years.
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