Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021 Edison purchased the equipment from international Machines at a cost of $115,816. (FV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term 2 years (8 quarterly periods) Quarterly rental payments $15,500 at the beginning of each period Economic life of asset 2 years Fair value of asset $115,816 Implicit interest rate 8% (Also lessee'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, 2022. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. (Round your intermediate and final answers to the nearest whole dollar. Enter all amounts as positive values.) Effective Lease Payments Decrease in Balance Loose Balance Payment Date 01/01/2021 01/012021 04/01/2021 07/01/2021 10/01/2021 01/012022 04/012022 lessee's incremental borrowing rate) 3 8% Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing lease through January 1, 2022. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. ok Amort Schedule General Journal Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, fiscal year ends December 31. (Round your intermediate and final answers to the nearest whole dollar. Enter positive values.) Payment Date Lease Payments Effective Interest Decrease in Balance Lease Balance 01/01/2021 01/01/2021 04/01/2021 07/01/2021 10/01/2021 01/01/2022 04/01/2022 07/01/2022 10/01/2022 Total $ 0 $ 0 $ General Journal Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Prepare the appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet 1 2 4 5 Record the lease. Note Enter debits before credits General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal
