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Create a full amortization table for wells

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Question

Wells Company as lessee records a operating lease of machinery on January 1st, 20x1. The seven annual lease payments of $200,000 are made at the end of each year. The present value of the lease payments at 10% is $973,700. Wells uses the effective interest method of amortization.

a) Create a full amortization table for Wells for the full seven years:

Date Payment Interest Expense Principle Liability Balance

b) Create all of Wells journal entries for 20x1

c) Create all of Wells journal entries for 20x2

Reference no: EM132317115

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