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)

Related Information:

Lease term 2 years (8 quarterly periods)

Quarterly rental payments $ 17,000 at the beginning of each period

Economic life of asset 2 years

Fair value of asset $ 131,379

Implicit interest rate (Also lessees incremental borrowing rate) 4%

Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2025. Edisons fiscal year ends December 31.