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Exercise 15-7 (Algo) Sales-type lease with no selling profit; lessor [L015-2] Edison Leasing leased high-tech electronic equlpment to Manufacturers Southem on January 1, 2024. Edison

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Exercise 15-7 (Algo) Sales-type lease with no selling profit; lessor [L015-2] Edison Leasing leased high-tech electronic equlpment to Manufacturers Southem on January 1, 2024. Edison purchased the equipment from Internatlonal Machines at a cost of $124,782. Note: Use tables, Excel, or a financlal caiculator. (FV of $1. PV of $1. EVA of $1, PVA of $1, EVAD of $1 and PVAD of $1 ) Required: Prepare a lease amortization schedule and appropriate enties for Edison Leasing from the beginning of the lease through January 2025. Edison's fiscal year ends December 31 . Record the lease. Record cash received. Record cash received. Record cash received. Record cash received. Record accrued interest. Record cash received. Note : = journal entry has been entered

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