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 $117.131 (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of 51) (Use appropriate factor(s) from the tables provided.) Related Information Lease term 2 years ( quarterly periodo) Quarterly rental payments $16,200 at the beginning of each period Economic life of asset 2 years Fair value of asset $117.131 Teplicit interest rate 125 (Also lessee's incremental borrowing rate) 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, 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 Payments Effective Interest Decrease in Balance Lease Balance Payment Date 01/01/2021 Annan Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning 2022. Edison's fiscal year ends December 31. 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 fiscal year ends December 31. (Round your intermediate and final answers to the nearest whole dollar. Ent positive values.) Payment Date Lease Payments Effective Interest Docrease in Balanco Lonso Balanco 01/01/2021 01/01/2021 04/01/2021 07/01/2021 10/01/2021 01/01/2022 04/01/2022 07/01/2022 10/01/2022 Total 0 Amort Schedule General Journal > Amort Schedule General Journal Prepare the appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's f December 31. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to dollar. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the lease. Note: Enter debits before credits Dato General Journal Dobit Credit January 01, 2021 . Record entry Clear entry View general Journal Amort Schedule General Journal Prepare the appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2 December 31. (Enter your answers in whole dollars and not in millions. Round your Intermediate and fin dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first accou View transaction list Journal entry worksheet Record accrued Interest. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general Journal Amort Schedule General Journal Prepare the appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2 December 31. (Enter your answers in whole dollars and not in millions. Round your intermediate and fir dollar. If no entry is required for a transaction/event, select "No journal entry required in the first acco View transaction list Journal entry worksheet
