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 $115,816. (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 $15,500 at the beginning of each period Economic life of asset 2 years Fair value of asset $115,816 Implicit interest rate 8% (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. Answer is not complete. 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.) Lease Payments Effective Interest Decrease in Balance Lease Balance Payment Date 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 0 0 Amort Schedule General Journal 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 $115,816. (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 $15,500 at the beginning of each period Economic life of asset 2 years Fair value of asset $115,816 Implicit interest rate 88 (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 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 A View transaction list View journal entry worksheet General Journal Debit Credit No 1 Date January 01, 2021 Lease receivable Equipment 2 January 01, 2021 Cash Lease receivable 3 April 01, 2021 Cash Lease receivable 4 4 July 01, 2021 Cash Lease receivable 5 October 01, 2021 Cash Lease receivable 6 December 31, 2021 Interest receivable Interest revenue 7 January 01, 2022 Cash Lease receivable Interest receivable
