Eastern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2018 Other information: L

Eastern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2018 Other information: Lease term 4 years $78,000 on January 1 each Annual payments year Life of asset 4 years Implicit interest rate 10% PV, annuity due, 4 periods, 10% 3.4869 PV, ordinary annuity, 4 periods, 3.1699 10% Hi-Tech's cost of the equipment $271,978 There is no expected residual value. Required: Prepare appropriate journal entries for Hi-Tech Leasing for 2018 and 2019. Assume a December 31 year-end. (If no entry is required for a transaction/event, select “No journal entry required in the first account field. Round your answers to the nearest whole dollar amounts.) • Record the lease. o Jan 01, 2018 • Record the cash receipt for the annual payments. o Jan 01, 2018 • Record the entry for the interest revenue. o Dec 31, 2018 • Record the cash receipt for the annual payments. o Jan 01, 2018 • Record the entry for the interest revenue. o Dec 31, 2019

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