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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 $117,131.
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 $117,131. 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) 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. Record the lease. Record cash received. Record cash received. 4 Record cash received. 5 Record cash received. 6 Record accrued interest. 7 Record cash received
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