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

question 58

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.

---

Definitions:

Fetal Stage

The developmental period of a human being inside the womb, from the end of the embryonic stage to birth.

Cognitive Scaffolding

An educational approach that provides temporary support to learners to help them achieve higher levels of understanding and skill acquisition.

Sociocultural Theory

A theory of development that emphasizes the role of social interaction and cultural context in shaping cognitive development.

Proximal Development

A concept in the theory of learning which suggests that learners progress most effectively when they are guided by tasks slightly beyond their current competence.