Tamarisk Company leased equipment from Costner Company, beginning on December 31, 2016. The lease term is 7 years and requires equal rental payments of $37,179 at the beginning of each year of the lease, starting on the commencement date (December 31, 2016). The equipment has a fair value at the commencement date of the lease of $220,000, an estimated useful life of 7 years, and no estimated residual value. The appropriate interest rate is 6%. Prepare Tamarisk’s 2016 and 2017 journal entries, assuming Tamarisk depreciates similar equipment it owns on a straight-line basis.

1. what is the lowest balance during this period? 2. lily just received her bank statement below. a. what does the bank think her ending balance is? b. how much more does the bank think lily has? c. what transactions are missing? 3. what is the danger of not balancing your bank account? lily’s bank statement deposits: 2/25 $35 2/26 $20 3/1 $256.32 checks: 2/24 ck #301 $25 2/26 #302 $150 debit card: 2/24 american eagle $75.48 2/25 chick fa la $4.67 2/27 mcdonalds $3.56 2/28 chevron $34.76 withdrawal: 2/27 $40 beginning balance $423.34 deposits $311.32 total debits $333.47 ending balance $401.19