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Mid south urologists group considers

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1.Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians  Leasing purchased a lithotripter for $3,000,000 and leased it to Mid  South Urologists Group on January 1, 2013. Both companies record appropriate adjusting entries quarterly.

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Required:

The following two situations are independent of each other.
1. Mid South Urologists Group considers it unlikely that the lease will be renewed. Prepare appropriate entries for Mid  South Urologists Group and Physicians  Leasing from the commencement of the lease through the second lease payment on April 1, 2013.
2. Because of extensive and costly leasehold improvements related to making the lithotripter available to patients, Mid  South Urologists Group feels it will have significant economic incentive to renew the lease. Prepare appropriate entries for Mid  South Urologists Group and Physicians  Leasing from the commencement of the lease through the second lease payment on April 1,2013. 

 

 

Reference no: EM13880353

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