4-1: Practice Exercises i 3 points 1 Saved Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $115,923. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset eBook Implicit interest rate (Also lessee's incremental borrowing rate) 101 Hint Print 2 years (8 quarterly periods) $15,000 at the beginning of each period 2 years $115,923 4% Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. References Amort Schedule General Journal Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. (Round your intermediate and final answers to the nearest whole dollar. Enter all amounts as positive values.) Payment Date 01/01/2021 Lease Payments Effective Interest Decrease in Balance Lease Balance $ 01/01/2021 $ 04/01/2021 15,000 $ 15,000 0 $ 15,000 115,923 100,923 07/01/2021 10/01/2021 01/01/2022 04/01/2022 07/01/2022 10/01/2022 Total $ 0 $ 0 $ 0