ACCOUNTS AVAILABLE FOR THIS ASSIGNMENT.
Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $136,768. (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 Implicit interest rate (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) $18,000 at the beginning of each period 2 years $136,768 6% Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization of the right-of-use asset is recorded at the end of each fiscal year (December 31) on a straight-line basis. Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Prepare a lease amortization schedule for the term of the lease for Manufacturers Southern. (Round your intermediate calculations and final answers to the nearest whole dollar) Payment Date Lease Payments Effective Interest Decrease in Balance Lease Balance 01/01/2021 04/01/2021 07/01/2021 10/01/2021 01/01/2022 04/01/2022 07/01/2022 10/01/2022 Total $ 0 $ 0 $ 0 Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. (Enter your answers in whole dollars and not in millions. Round your Intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.) Show less View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 > Record the beginning of the lease for Manufacturers Southern. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet Record lease payment. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general Journal Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. (Enter your answers in whole dollars and not in millions. Round your Intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 > Record lease payment. Note: Enter debits before credits. General Journal Debit Credit Date April 01, 2021 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less A View transaction list Journal entry worksheet Record lease payment. Note: Enter debits before credits. Date General Journal Debit Credit July 01, 2021 Record entry Clear entry View general Journal Record lease payment. Note: Enter debits before credits. Date General Journal Debit Credit October 01, 2021 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet 2 3 4 5 6 7 8 > Record accrued interest. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet Record amortization of the right-of-use asset for Manufacturers Southern. Note: Enter debits before credits General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general journal Amort Schedule General Journal > Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet Record lease payment. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2022 Record entry Clear entry View general journal Amort Schedule General Journal > No journal entry required Accumulated depreciation Amortization expense Building Cash Cost of goods sold Deferred sales revenue 1 Depreciation expense Equipment Interest expense Interest payable Interest receivable Interest revenue 0 Lease payable Lease receivable Maintenance expense Notes payable Prepaid expense Right-of-use asset Sales revenue 1 Selling expense
