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 $114,321. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD 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	$15,300 at the beginning of each period
Economic life of asset	2 years
Fair value of asset	$114,321
Implicit interest rate	8%
(Also lessees 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. Edisons 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. Edisons 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
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	$0

Prepare the appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edisons 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.)

• Record the lease.

• Record cash received.

• Record cash received.

• Record cash received.

• Record cash received.

• Record accrued interest.

• Record cash received.