(Answered) Question - windom co as lessee records a capital lease of

Accounting

Question - Windom Co. as lessee records a capital lease of machinery on January 1, 2008. The seven annual lease payments of $350,000 are made at the end of each year. The present value of the lease payments at 10% is $1,704,000. Windom uses the effective-interest method of amortization and sum-of-the-years'-digits depreciation (no residual value).

Instructions - (Round to the nearest dollar.)

(a) Prepare an amortization table for 2008 and 2009.

(b) Prepare all of Windom's journal entries for 2008.

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