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 $$131,379.$

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)$

$\backslash$table$[[$Related Information:,$2,$years $(8$ quarterly periods$)],[$Lease term,$$17,000,$at the beginning of each period$],[$Quarterly rental payments,$2,$years$],[$Economic life of asset,$$131,379,],[$Fair value of asset,$4\%,],[$Implicit interest rate $($Also$,,],[$lessee$\text{'}$s incremental borrowing,,$],[$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 $31.$

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Amortization

General

Schedule

Journal