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 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 $($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 $31.$

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.

Payment Date Lease Payments Effective Interest Decrease in Balance Lease Balance

$01/01/2024$

$01/01/2024$

$04/01/2024$

$07/01/2021$

$10/01/2024$

$01/01/2025$

$04/01/2025$

$07/01/2025$

$10/01/2025$

Total