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 $$124,782.$

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 periods$)$

$$16,700$ at the beginning of each period

Economic life of asset $2$ years

Fair value of asset

$$124,782$

Implicit interest rate $($Also

lessee's incremental borrowing

rate$)$

$8\%$

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.

Amortization Schedule

General

Journal

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

Note: Round your intermediate and final answers to the nearest whole dollar. Enter all amounts as positive values.

$\backslash$table$[[$Payment Date,$\backslash$table$[[$Lease$],[$Payments$]],\backslash$table$[[$Effective$],[$Interest$]],\backslash$table$[[$Decrease in$],[$Balance$]],$Lease Balance$],[\frac{01}{01}\frac{?}{2024},,,,],[\frac{01}{01}\frac{?}{2024},,,,],[\frac{04}{01}\frac{?}{2024},,,,],[\frac{07}{01}\frac{?}{2024},,,,],[\frac{10}{01}\frac{?}{2024},,,,],[\frac{01}{01}\frac{?}{2025},,,,],[\frac{04}{01}\frac{?}{2025},,,,],[\frac{07}{01}\frac{?}{2025},,,,]]$