Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2013. Edison purchased the equipment from International Machines at a cost of $117,240. (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	$15,300 at the beginning of each period
Economic life of asset	2 years
Fair value of asset	$117,240
Implicit interest rate	5%
(Also lessee