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 $112,080. (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	$15,000 at the beginning of each period
Economic life of asset	2 years
Fair value of asset	$112,080
Implicit interest rate	8%
(Also lessees incremental borrowing rate)

Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2019. Edisons fiscal year ends December 31.

Prepare the appropriate 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.)

Jan 01, 2018: Record the lease

Jan 01, 2018: Record cash received

April 01, 2018 : Record Cash Received

July 01, 2018: Record Cash received

Oct 01, 2018: record Cash received

Dec 31, 2018: record cash receivable

Jan 01, 2019: record cash received

Amort Schedule General Journal Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2019. Edison's 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