Exercise 15-6 (Algo) Finance lease; lessee [LO15-2] Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $112,446. (EV of $1. PV of $1, FVA of $1, PVA of $1, EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Informations Lease term Quarterly rental payments Econonic 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 $112,446 10 (Also lessee's incremental borrowing rate) Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization of the right-of-use asset is recorded at the end of each fiscal year (December 31) on a straight-line basis.