Exercise 15-6 Finance lease: lessee [LO15-2] Manufacturers Southern leased high-tech electronis equipment from International Machines at a cost of $119,552. (FV of $1 equipment from Edison Leasing on January 1, 2018. Edison purchased the PV of $1. FVA of S1. PVA of $I EVAD of $1 ond PVAD of S3 (Use appropriate factorls) from the tables provided.) Related Inforsation: Lease tern Quarterly rental payments Econonic life of asset Fair value of asset Inplicit interest rate (Also lessee's increnental borrowing rate) 2 years (8 quarterly periods) $16,88 at the beginning of each period 2 years $119,552 Required: Prepare a lease omortzation schedule and appropriate entries for Manufacturers Southern from the beginning of the iease through Jonuary 1.,2019 Depreciation is recorded at the end of each fiscal year (December 3t1 on a straight line basis Complete this question by entering your answers in the tabs below Amort General ournal Prepare a lease amortization schedule for the term of the lease for Manufacturers Southern. (Enter all amounts as positive values.) Date ective PaymentsInterestin Balance Balance 119.552 0101/20186,000 16,000103 552 Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southen 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 Sdhedule ournal Prepare a lease amortizatidf schedule for the term of the lease for Manufacturers Southern. (Enter all amounts as pasitive values) Lease! EffectiveD Date $ 119 552 Os 16 00001 103 5520 2071 01/01/2018 04/01/2018 07/01/2018 001/2018 01/0112019 0401(2019 07/01/2019 10/01/20119 Total 16.000 13 92989 623 79 1420 75415 16.000 1508 S 14.492 50.923 1218 S14.7828141 31.064 15 886 18,000 16,000 16,000 5,000 128.000 923 S15,077 621 s 5379 1012019 10315 18 582 0448 enera Journal Schedule Journal Record the 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. (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.) Show lessA No Date General Journal Debit Credit January 01 2018 Equipment 119,552 Lease payable 119,552 2January 01, Lonse be 2018 Lease payable 16,000 Cash 16,000 3 April 01,2018 Lease payable 13,929 2,071 Interest expense Cash 16,000 4 July 01, 2018 Lease payable 14.208 1,782 Interest expense 16,000 Cash October 01 2018 14,492 Lease payable Interest expense 13,586 1.414 Interest revenue December 31 2018 December 31 Depreciation expense 7 59,776 Accumulated depreciation 59,776 January 01 2019 Right-of-use asset Cash