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, 2024. Edison purchased the equipment from International Machines at a cost of $139,107. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) 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 (Also lessees incremental borrowing rate) 4%

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, 2024. Edison purchased the equipment from International Machines at a cost of $139,107. Note: Use tables, Excel, or a financlal calculator. (FV of \$1, PV of \$1, FVA of \$1, PVA of \$1, FVAD of \$1 and PVAD of \$1) Required: Prepare a lease amortization schedule and approprlate entrles for Edison Leasing from the beginning of the lease through January 2025. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2025. Edison's iscal year ends December 31 . Note: Round your intermediate and final answers to the nearest whole dollar. Enter all amounts as positive values. 1 Record the lease. 2 Record cash received. 3 Record cash received. 4 Record cash received. 5 Record cash received. 6 Record accrued interest. 7 Record cash received. Note: = journal entry has been entered