Southwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2018. Hi-Tech manufactured the equipment at a cost of $90,000.
Other information: There is no expected residual value.
Required: Prepare appropriate journal entries for Hi-Tech Leasing for 2018. Assume a December 31 year-end. Round your answers to the nearest whole dollar amounts.

Question

Southwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2018. Hi-Tech manufactured the equipment at a cost of $90,000.
Other information:  There is no expected residual value.
Required: Prepare appropriate journal entries for Hi-Tech Leasing for 2018. Assume a December 31 year-end. Round your answers to the nearest whole dollar amounts.

Quizplus · Accepted Answer

The Answer of Southwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2018. Hi-Tech manufactured the equipment at a cost of $90,000.
Other information:  There is no expected residual value.
Required: Prepare appropriate journal entries for Hi-Tech Leasing for 2018. Assume a December 31 year-end. Round your answers to the nearest whole dollar amounts.

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