E 15-4 Direct finance lease; lessor . LOS Edison Lessing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2011 Edison purchased the equipment from International Machines at a cost of $112,080. Related Information: Lease term 2 years (8 quarterly periods) Quarterly rental payments $15,000 at the beginning of each period Economic life of asset 2 years Fair value of asset $112,080 Implicit interest rate 8% (Also lessee's incremental borrowing rate) Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the inception of the lease through January 1, 2012. Edison's financial year ends December 31