Check my work 1 Exercise 15-6 (Static) Finance lease; lessee (L015-2) 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 $112,080. (FV of $1. PV of $1. EVA of $1. PVA of 51. EVAD of S1 and PVAR of 5.0 (Use appropriate factor(s) from the tables provided.) nts eBook Hint Related Information: Lease term 2 years ( quarterly periods) Quarterly rental payments $15,000 at the beginning of each period Economie life of asset 2 years Tair value of asset $112,080 Implicit Interest rate 88 (Also lessee's incremental borrowing rate) Werences 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 case amortization schedule for the term of the lease for Manufacturers Southern (Round your intermediate calculations and final answers to the nearest whole dollars. Enter all amounts as positive values.) Payment Date Lease Paymente Effective Interest Decrease in Balance Lease Balance 1 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 ba nts Complete this question by entering your answers in the tabs below. eBook Amort Schedule General Journal Hint Print Prepare a lease amortization schedule for the tern of the lease for Manufacturers Southern. (Round your intermediate calculations and final answers to the nearest whole dollars. Enter all amounts as positive values.) Lease Effective Payment Date Decrease in Payments Interest Balance Lease Balance ferences 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 Schedule General Journal > Check my work 1 1 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 cat in milions 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 held.) Show less 7 points View transaction for Bac Hint Print Journal entry worksheet Reference Record the beginning of the lease for Manufacturers Southern Note: Enter debits before credits Date General Journal Debit Credit January 01, 2021 Mc 1 2 HP Newt
