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I just need the answers, no need to show work. Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased
I just need the answers, no need to show work.
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 $131,379. (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) 2 years (8 quarterly periods) $17,000 at the beginning of each period 2 years $131,379 4% at ences 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 General positive values.) Payment Date Lease Payments Effective Interest Decrease in Balance Lease Balance 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 1 2 3 4 5 6 7 Record the lease. Note: Enter debits before credits. Debit General Journal Date Cre January 01, 2021Step by Step Solution
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