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 $127,024. (EV 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 Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) Required: 2 years (8 quarterly periods) $17,000 at the beginning of each period 2 years $127,024 8% 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. 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.) Payment Date Lease Payments Effective Interest Decrease in Balance Lease Balance 01/01/2021 $ 127,024 01/01/2021 $ 17,000 $ 04/01/2021 17,000 07/01/2021 10/01/2021 01/01/2022 04/01/2022 07/01/2022 10/01/2022 Total $ 0 $ 0 $ o Journal entry worksheet 1 2 3 4 5 6 7 Record the lease. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Lease receivable Equipment Record cash received. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Cash Lease receivable Record cash received. Note: Enter debits before credits.. General Journal Debit Credit Date April 01, 2021 Cash Lease receivable Interest revenue Journal entry worksheet < 3 Record cash received. Note: Enter debits before credits. 5 6 General Journal Debit Credit Date July 01, 2021 Cash Lease receivable Interest revenue View transaction list Journal entry worksheet Record cash received. Note: Enter debits before credits. General Journal Debit Credit Date October 01, 2021 Cash Lease receivable Interest revenue Journal entry worksheet < 1 3 Record accrued interest. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Interest receivable. Interest revenue > View transaction list Journal entry worksheet < 1 2 3 Record cash received. Note: Enter debits before credits. 5 6 Date General Journal Debit Credit January 01, 2022 Cash Lease receivable Interest receivable