Question: Hughey Co. as lessee records a finance lease of machinery on January 1, 2018. The five annual lease payments of $239,815 are made at the beginning of each year. The present value of the lease payments at 10% is $1,000,000. Hughey uses the effective-interest method of amortization and straight-line depreciation (no residual value).
Required:
Q1. What is the amortization table for 2018 and 2019?
Q2. What are all of Hughey's journal entries for 2018?
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