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Exercise 15-7 Sales-type lease with no selling profit; lessor [LO15-2] Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2018. Edison purchased

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Exercise 15-7 Sales-type lease with no selling profit; lessor [LO15-2] Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2018. Edison purchased thee equipment from International Machines at a cost of $110,623. (FV of $t. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $) (Use appropriate factor(s) from the tables provided.) Related Information 2 years (8 quarterly periods) 15,300 at the beginning of each period 2 years $110,623 12% Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (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, 2019. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below General Journal Amort Schedule General Journal Amort Schedule Prepare a lease amortization schedule for Edison Leasing from the beginning of th fiscal year ends December 31. (Enter your answers in whole dollars and not in mil answers to nearest whole dollar. Enter all amounts as positive values.) Decrease in Effective Lease Balance Payment datePayments Balance Interest 01/01/2018 01/01/2018 04/01/2018 07/01/2018 10/01/2018 01/01/2019 04/01/2019 07/01/2019 10/01/2019 Total 0 Amort Schedule General Journal> Journal entry worksheet Record the lease. Note: Enter debits before credits Date General Journal Debit January 01, 2018 Journal entry worksheet Record cash received. Note: Enter debits before credits. General Journal Date Debit Credit January 01, 2018 Journal entry worksheet K1 23 4 5 6 7 Record cash received. Note: Enter debits before credits. Date General Journal Debit Credi April 01, 2018 Journal entry worksheet 7 6 4 3 2 Record cash received. Note: Enter debits before credits. General Journal Debit Credit Date July 01, 2018 Journal entry worksheet 2 3 4 6 Record cash received. Note: Enter debits before credits. Date General Journal Debit Credit October 01, 2018 Journal entry worksheet 2 4 5 6 Record interest receivable Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2018 Journal entry worksheet Record cash received. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2019

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