Prepare all of Hughey journal entries

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Reference no: EM132795750

Question - Hughey Co. as lessee records a finance lease of machinery on January 1, 2021. The seven annual lease payments of $875,000 are made at the end of each year. The present value of the lease payments at 10% is $4,260,000. Hughey uses the effective-interest method of amortization straight-line amortization (no residual value).

Required -

(a) Prepare an amortization table for 2021 and 2022.

(b) Prepare all of Hughey's journal entries for 2021.

Reference no: EM132795750

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