Northwestern 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 and 2014. Assume a December 31 year-end.

Question

Northwestern 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 and 2014. Assume a December 31 year-end.

Quizplus · Accepted Answer

The Answer of Northwestern 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 and 2014. Assume a December 31 year-end.

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