Exercise 15-6 Finance lease; lessee [L015-2] Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2018. Edison purchased the equipment from International Machines at a cost of $127,024. (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: 2 years (8 quarterly periods) $17,000 at the beginning of each period 2 years 127,024 Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 86 Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2019. Depreciation 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 General Amort Schedule ournal Complete this question by entering your answers in the tabs below. General Journal Amort Schedule Prepare a lease amortization schedule for the term of the lease for Manufacturers Southern. (Enter all amounts a values.) Decrease in Balance Lease Effective Interest Lease Balance Payment Date Payments 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 General Journal Amort Schedule journal entry required" in the first account field. Enter your answers in whole dollars and final answers to nearest whole dollar.) View transaction list Journal entry worksheet 2 3 4 6 Record the beginning of the lease for Manufacturers Southern. Note: Enter debits before credits. Date Credit General Journal Debit January 01, 2018 View transaction list Journal entry worksheet Record lease payment. Note: Enter debits before credits Date General Journal Debit January 01, 2018 View transaction list Journal entry worksheet Record lease payment. Note: Enter debits before credits Date General Journal Debit April 01, 2018 Journal entry worksheet Record lease payment. Note: Enter debits before credits General Journal Debit Date October 01, 2018 ournal entry worksheet 2 3 4 6 7 8 Record accrued interest. Note: Enter debits before credits. Date General Journal Debit December 31, 2018 w transaction list ournal entry worksheet 2 3 4 6 8 Record the amortization for right-of-use asset by Manufacturers Southern. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2018 Journal entry worksheet 2 6 7 8 4 5 Record lease payment. Note: Enter debits before credits. Date General Journal Debit January 01, 2019