Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2016 Edison purchased the equipment from International Machines at a cost of $110,623. (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 Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate 2 years (8 quarterly periods) $15,300 at the beginning of each period 2 years $110,623 12% lessee's incremental borrowing rate Required Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the inception of the lease through January 1, 2017. Edison's fiscal year ends December 31 Answer is complete but not entirely correct. Payment date Lease Payments Effective Interest Decrease in Balance Lease Balance 01/01/2016 $110,623 01/01/2016 |$ 15,3000$ 2,860>$ 15,300 95,3230 04/01/2016 07/01/2016 10/01/2016 01/01/2017 04/01/2017 07/01/2017 10/01/2017 Total 3002,486 15,300 15,300 15,300 15,300 15,300 15,300 2,102 1,706 1,298 878 446 2,487 2,44082,883 13,198 13,594 14,002 14,422 14,854 12,813 69,685 56,091 42,089 27,667 12,813 0 $ 122,400 14,263 110,623 Prepare the appropriate entries for Edison Leasing from the inception of the lease through January 1, 2017 Edison's fiscal year ends December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete Date General Journal Debit Credit January 01, 2016 Leased property 10,623 Lease payable 10,623 2 January 01, 2016 Lease payable 15,300 Cash 15,300 April 01, 2016 nterest expense 2,860 12,440 Lease payable Cash 15,300 July 01, 2016 2,486 12,814 4 Interest expense Lease payable Cash 15,300 2,102 13,198 October 01, 2016 Interest expense Lease payable Cash 15,300 6 December 31, 201 Interest expense 1,706 Interest payable 1,706 January 01, 2017 Interest expense Interest payable 1,706 13,594 Cash 15,300