Southwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2013. Hi-Tech manufactured the equipment at a cost of $90,000. There is no expected residual value.
Required:
Prepare appropriate journal entries for Hi-Tech Leasing for 2013. Assume a December 31 year-end.

Question

Southwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2013. Hi-Tech manufactured the equipment at a cost of $90,000.  There is no expected residual value.
Required:
Prepare appropriate journal entries for Hi-Tech Leasing for 2013. Assume a December 31 year-end.

Quizplus · Accepted Answer

The Answer of Southwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2013. Hi-Tech manufactured the equipment at a cost of $90,000.  There is no expected residual value.
Required:
Prepare appropriate journal entries for Hi-Tech Leasing for 2013. Assume a December 31 year-end.

Southwestern Edison Company Leased Equipment from Hi-Tech Leasing on January