On January 1, 2016, Parent Company acquired 90% of the common stock of Subsidiary Company for $360,000.

On January 1, 2017, Parent purchased equipment for $204,110 and immediately leased the equipment to Subsidiary on a 4-year lease. The minimum lease payments of $60,000 are to be made annually on January 1, beginning immediately, for a total of 4 payments. The implicit interest rate is 12%. The lease provides for an automatic transfer of title at the end of 4 years. The estimated useful life of the equipment is 6 years. The lease has been capitalized by both companies. 

What is amortization for the life of the lease

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What are the book journal entries that the sub made because of the lease 2016 & 2017

What are the book journal entries that the parent made because of the lease

What are the conslidation journal entries made for 2017

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