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 $124,782. (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 Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) $16,700 at the beginning of each period 2 years $124,782 8% No General Journal Credit Date January 01, 2021 Lease receivable Equipment Debit 124,782 1 124.782 2 16,700 January 01, 2021 Cash Lease receivable 16,700 3 April 01, 2021 Cash 0 Interest revenue 2,162 4 July 01, 2021 16,700 Cash Lease receivable 5 October 01, 2021 Cash Interest revenue 1 December 31, 6 2021 Interest receivable Interest revenue 1 7 16,700 January 01, 2022 Cash Lease receivable