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 $$131,591.$Edison Leasing leased high$-$tech electronic equipment to Manufacturers Southern on January $1,2024.$ Edison purchased the

equipment from International Machines at a cost of $$131,591.$

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

Quarterly rental payments $$18,200$ at the beginning of each period

Economic life of asset $2$ years

Fair value of asset $$131,591$

Implicit interest rate $($Also

lessee's incremental borrowing $12\%$

rate$)$

Required:

Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through Janua

Edison's fiscal year ends December $31.$

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Amortization

General

Schedule

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.

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 $ $18,200$ at the beginning of each period

Economic life of asset $2$ years

Fair value of asset $ $131,591$

Implicit interest rate $($Also lessee$$s incremental borrowing rate$)12\%$

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 $31.$