cant get these journals right...

Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1. 2016. Edison purchased the equipment from International Machines at a cost of $250,952. Manufacturers Southern elected the short-term lease option. Appropriate adjusting entries are made annually. Related Information: Lease term 1 years {4 quarterly periods) Quarterly lease payments $17,500 at Jan. 1, 2016, and at Mar. 31, June 30, Sept. 30. Economic life of asset 5 years Interest rate charged by the 8% lessor Respond to the question with the presumption that the guidance provided by the proposed Accounting Standards Update is being applied. Required: Prepare appropriate entries for Manufacturers Southern from the beginning of the lease through December 31, 2016. (If no entry is required for a transactionlevent, select "Nojournal entry required" in the first account field.) 6 Answer is not complete. -_x1m>