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 $112,080. (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	$15,000 at the beginning of each period
Economic life of asset	2 years
Fair value of asset	$112,080
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.

Make Journal Entry

1. Record the lease January 01 2021

2. record cash received January 01 2021

3. Record cash received April 01 2021

4. record cash received July 01 2021

5. Recorc cash received October 01 2021

6. Record Accrued interest December 31 2021

7. Record cash received January 01 2022

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 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