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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.

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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. 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 glasrterly periods) $15,000 t e beginning of each period 2 years $112,080 8% from the beginning of the leae Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the honin through January 1, 2022. Edison's fiscal year ends December 31

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