Need help figuring out the numbers that go with the journalentry I have half finished.
Exercise 21-2 Teal Company leases an automobile with a fair value of $14,156 from John Simon Motors, Inc., on the following terms: Noncancelable term of 50 months. 2. Rental of $340 per month (at end of each month). The present value at 1% per month is $13,327.) 3. Estimated residual value after 50 months is 30, (The present value at 1% per month is $687.) Teal Company guarantees the residual value of $1,130. 4. Estimated economic life of e automobile is 60 months 5. eal Company’s incremental borrowing rate is 12% a year (1% a month), Simon’s implidt rate is unknown What is the present value of the minimum lease payments? The present value of the minimum lease payments Show transcribed image text Exercise 21-2 Teal Company leases an automobile with a fair value of $14,156 from John Simon Motors, Inc., on the following terms: Noncancelable term of 50 months. 2. Rental of $340 per month (at end of each month). The present value at 1% per month is $13,327.) 3. Estimated residual value after 50 months is 30, (The present value at 1% per month is $687.) Teal Company guarantees the residual value of $1,130. 4. Estimated economic life of e automobile is 60 months 5. eal Company’s incremental borrowing rate is 12% a year (1% a month), Simon’s implidt rate is unknown What is the present value of the minimum lease payments? The present value of the minimum lease payments
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