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Exercise 15-6 Finance lease; lessee [LO15-2) Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2018. Edison purchased the equipment from International

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Exercise 15-6 Finance lease; lessee [LO15-2) 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 $136,768. (FV of S1. PV of $1 EVA of S1. PVA of S1. EVAD of S1 and PVAD of $) (Use appropriate factor(s) from the tables provided.) Related Information Lease tern Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee'syincremental borrowing rate) ok 2 years (8 quarterly periods) 18,000 at the beginning of each period 2 years $136,768 61 nces 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. Amort General Journal Prepare a lease amortization schedule for the term of the lease for Manufacturers Southern. (Enter all amounts as positive values.) Efective Decrease in Lease Balance Interest Payment Date 01/01/2018 04/01/2018 07/01/2018

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