Exercise 15-6 Finance lease; lessee(L0152) 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 $112,080. (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 Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) $15,000 at the beginning of each period 2 years $112,080 8% 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 tahs below. Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Prepare a lease amortization schedule for the term of the lease for Manufacturers Southern. (Enter all amounts as positive values.) Effective Decrease in Interest Payment Date Lease Payments Lease Balance Balance 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 Journal entry worksheet 2 3 4 5 6 7 8 Record the beginning of the lease for Manufacturers Southern Note: Enter debits before credits Date General Journal Debit Credit January 01,2018 Journal entry worksheet 2 4 6 7 8 Record lease payment Note: Enter debits before credits Date General Journal Debit Credit January 01,2018 Journal entry worksheet 2 3 4. 6 7 8 Record lease payment. Note: Enter debits before credits. Date General Journal Debit Credit April 01, 2018 Journal entry worksheet 2 3 4 5 6 7 8 Record lease payment. Note: Enter debits before credits Date General Journal Debit Credit July 01,2018 Journal entry worksheet 2 3 4 6 7 8 Record lease payment. Note: Enter debits before credits. Date General Journal Debit Credit October 01,2018 Journal entry worksheet 2 3 4 5 6 8 Record accrued interest. Note: Enter debits before credits. Date General Journal Debit Credit December 31,2018 Journal entry worksheet 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 3 4 6 8 Record lease payment. Note: Enter debits before credits Date General Journal Debit Credit January 01,2019