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get the right answer Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2018. Edison purchased the equipment from International Machines at
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Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2018. Edison purchased the equipment from International Machines at a cost of $112,446. (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) years (8 quarterly periods) $15,300 at the beginning of each period 2 years $112,446 10% Required Prepare a lease amortization schedule and related journal entries for Manufacturers Southern. Amortization expense is recorded at the end of each fiscal year (December 31) on a straight-line basis. Complete this question by entering your answers in the tabs below Prepare a lease amortization schedule for the term of the lease for Manufacturers Southern. (Enter values.) Lease Payments Effective Interest Decrease in Balance Lease Balance Payment Date 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 $ 112,446 05,0097,146 84,275 71,082 57,559 43,698 29,490 14,927 15,300 15,300 S 2,429 $ 12,871 2,107 13,193 1,777$ 13,523 1,439 $ 13,861 1,092 14,208 737 14,563 373 $ 14,927 $ 122,400 9,954 $112,446 15,300 15,300 15,300 15,300 15,300 15,300Step by Step Solution
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