Exercise 15-7 (Algo) Sales-type lease with no selling profit; lessor (LO15-2] Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $139,107. (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 2 years (8 quarterly periods) Quarterly rental payments $18,000 at the beginning of each period Economic life of asset 2 years Fair value of asset $139, 107 Implicit interest rate 48 (Also lessee's incremental borrowing rate) Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning 2022. Edison's fiscal year ends December 31. lease through January 1, Complete this question by entering your answers in the tabs below. Amort General Schedule Journal Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. (Round your intermediate and final answers to the nearest whole dollar. Enter all amounts as positive values.) Payment Date Lease Payments Effective Interest Decrease in Balance Lease Balance $ 139,107 $ $ 18,000 01/01/2021 01/01/2021 04/01/2021 07/01/2021 in 1931 18,000 18,000 Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 2022. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. Amort General Schedule Journal Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. (Round your intermediate and final answers to the nearest whole dollar. Enter all amounts as positive values.) Payment Date Lease Payments Effective Interest Decrease in Balance Lease Balance $ 139,107 $ $ 18,000 01/01/2021 01/01/2021 04/01/2021 07/01/2021 10/01/2021 18,000 18,000 01/01/2022 04/01/2022 07/01/2022 10/01/2022 Total $ 0 $ 0 $ 0 Amor Schedule General Journal > Connect - Sign In Buy Lion's Mane.. A Linear Progressi... b Crypto Casino Ga.. Saved 5. Homework requireu. Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31 Complete this question by entering your answers in the tabs below. Amort General Schedule Journal Prepare the appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet 23 6 7 Record the lease Note: Enter debits before credits Date General Journal Debit Credit January 01, 2021 Saved 15. Homework Requireu. Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Prepare the appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. (Enter your answers in whole dollars and not in millions, Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list ces Journal entry worksheet Record cash received Note: Enter debits before credits. General Journal Debit Date April 01, 2021 Credit eu. . Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. Amort General Schedule Journal Prepare the appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Show less View transaction list Journal entry worksheet