Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2018. Edison purchased the equipment from International Machines at a cost of $119,300. (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	$16,500 at the beginning of each period
Economic life of asset	2 years
Fair value of asset	$119,300
Implicit interest rate	12%
(Also lessees incremental borrowing rate)

Required:

Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2019. Edisons fiscal year ends December 31. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar. Enter all amounts as positive values.)

Payment date	Lease Payments	Effective Interest	Decrease in Balance	Lease Balance
01/01/2018
01/01/2018
04/01/2018
07/01/2018
10/01/2018
01/01/2019
04/01/2019
07/01/2019
10/01/2019
Total	$0	$0	$0

Prepare the appropriate General Journal entries for Edison Leasing from the beginning of the lease through January 1, 2019. Edisons fiscal year ends December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar.)

1. Record the lease.

2.Record cash received.

3 Record cash received.

4. Record cash received.

5. Record cash received.

6. Record interest receivable.

7.Record cash received..