Edison Leasing leased high$-$tech electronic equipment to Manufacturers Southern on January $1,2024.$ Edison purchased the equipment from International Machines at a cost of $$112,080.$

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Related Information:

Lease term

$2$

years $(8$ quarterly

Quarterly rental periods$)$

payments

Economic life of asset

Fair value of asset

Implicit interest rate

$($Also lessee's

incremental borrowing

$8\%$

rate$)$

Required:

Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January $1,2025.$ Edison's fiscal year ends December $31.$

Complete this question by entering your answers in the tabs below.

S

Amortiz..

General

Schedule

Journal

Prepare the appropriate entries for Edison Leasing from the beginning of the lease through January $1,2025.$ Edison's fiscal year ends December $31.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar.

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$\backslash$table$[[$No$,$Date,General Journal,Debit,Credit$],[1,$January $01,2,$Right$-$of$-$use asset,$112,080,],[,,$Lease payable,,$112,080$