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 $140,653. (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: 2 years (8 quarterly periods) $18,200 at the beginning of each period 2 years $140,653 Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 4% 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. General Journal Amort Schedule General Journal Amort Schedule 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.) Lease Effective Payment Date Decrease in Balance Lease Balance Payments Interest 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 Journal entry worksheet 3 4 5 6 7 > 1 2 Record the lease. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 View transaction Ilist X: > 1 Record the lease. Record cash received. Record cash received. 4 Record cash received. Record cash received. Credit Record accrued interest. 7 Record cash received. Note : = journal entry has been entered 2. 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 $140,653. (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: 2 years (8 quarterly periods) $18,200 at the beginning of each period 2 years $140,653 Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 4% 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. General Journal Amort Schedule General Journal Amort Schedule 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.) Lease Effective Payment Date Decrease in Balance Lease Balance Payments Interest 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 View transaction Ilist X: > 1 Record the lease. Record cash received. Record cash received. 4 Record cash received. Record cash received. Credit Record accrued interest. 7 Record cash received. Note : = journal entry has been entered 2.