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 $115,923. (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 $115,923 4% Required: 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Amort Schedule General 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.) Lease Balance Payment Date Lease Payments Effective Interest Decrease in Balance 01/01/2021 $ 115,923 01/01/2021 $ 15,000 15,000 $ 15,000 100,923 04/01/2021 15,000 1,009 13,991 86,932 07/01/2021 15,000 869 14,131 72,801 10/01/2021 15,000 728 14.272 58,529 01/01/2022 15,000 585 14,415 44,114 04/01/2022 15,000 441 14,559 29,555 07/01/2022 15,000 148 x 14.852 14,703 10/01/2022 15,000 297 14,703 0 Total $ 120,000 $ 19,077 S 115,923 < Prey 3 of 7 Next