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Prepare a amortization table in regards to annual lease

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Blossom Co. as lessee records a finance lease of machinery on january 1, 2021. the seven annual lease payments of $814,000 are made at the end of each year. the present value of the lease payments at 12% is $3,715,000. Blossom uses effective interest method of amortiZation and sum of the years digits depreciation (no residual value).

Problem 1: How would prepare a amortization table for 2021 and 2022 in regards to annual lease receipts or payments and interest, reductions, & leases receivables/liabilities?

 

Reference no: EM132793842

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