Exercise 15-6 (Algo) Finance lease; lessee [LO15-2] Manufacturers Southern leased high-tech electronic equipment from Edison Lessing on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $124,782 (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 2 years (8 quarterly periods) 2 years $16,788 at the beginning of each period Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) $124,782 8% Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Depreciation is recorded at the end of each fiscal year (December 31) on a straight-line basis. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No 1 Date January 01, 2021 Lease receivable Equipment 2 January 01, 2021 Cash Lease receivable General Journal Show less A Debit Credit * 124,782 * 124,782 * 16,700 16,700 3 April 01, 2021 Cash 16,700x Lease receivable * * Interest revenue 14,528 2,162x 4 July 01, 2021 Cash Lease receivable Interest revenue 000 16,700 14.829 1,871 5 October 01, 2021 Cash * 16,700 Lease receivable Interest revenue 15,126 1,574 6 December 31, 202 Interest receivable * 1,272 Interest revenue 1,272 7 December 31, 202 Interest receivable Interest revenue 8 January 01, 2022 Cash Lease receivable Interest receivable 1,272 * 1,272 x 16,700 * * x 15,428 1,272 Genome Joumal > < Amort Schedule * text indicates no response was expected in a call or a formula-based calculation is incom; no points deducted