On January 1, 2014, LE Corporation Leased a Machine from LOC

question 132

Essay

On January 1, 2014, LE Corporation leased a machine from LOC for a period of three years and paid
$4,800 at the inception of the lease.
In addition, five equal rentals of $4,800 are to be paid at the beginning of each six-month period thereafter.The effective annual interest rate was 8%.The lease qualifies as a finance lease.
(a)Compute the amount of the lease liability at 1/1/x1.
(b)Complete LEC's partial amortization schedule given below.
Round amounts to the nearest dollar.

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Definitions:

Oral Stage

A psychoanalytic concept introduced by Freud, referring to the first stage of human psychosexual development during which pleasure is centered in the mouth area, from birth to about 18 months.

Phallic Stage

A stage in Freudian psychosexual development, occurring roughly between the ages of 3 and 6, where the libido's focus is on the genital area.

Genital Stage

The final stage in Freud's psychosexual development theory, occurring from puberty onwards, centered around mature sexual intimacy and genital pleasure.

Legal Protection

Measures and policies in place to safeguard individuals, organizations, or properties against legal action or harm.