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I need help with general Journal I can not know why my answer for number 6 is wrong. Pls help me! Che Edison Leasing leased

I need help with general Journal I can not know why my answer for number 6 is wrong. Pls help me! image text in transcribed
image text in transcribed
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Che 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 $112,080. (FV or $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $t) (Use appropriate factor(s) from the tables provided.) Related Information Lease term 2 years ( quarterly periods) Quarterly rental payments $15,000 at the beginning of each period Economie life of asset 2 years Fair value of asset $112,080 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 2022. Edison's fiscal year ends December 31. Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through J 2022. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. Amort Schedule General 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.) 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 15,000 15.000 15,000 15,000 15,000 15,000 15,000 15,000 120,000 1.942 1,680 1,414 1.142 865 582 295 7,920 15,000 13,058 13,320 13,586 13.858 14,135 14,418 14,705 112,080 112,080 97,080 84,022 70,702 57,116 43.258 29,123 14,705 $ $ $ Amort schedule General Journal > No General Journal 1 Date January 01, 2021 Lease receivable Equipment Credit Debit 112,080 112,080 2 January 01, 2021 Cash Lease receivable 15,000 15,000 April 01, 2021 15,000 Cash Lease receivable Interest revenue 13,058 1,942 July 01, 2021 Cash 15,000 Lease receivable Interest revenue 13,320 1,680 5 15,000 October 01, 2021 Cash Lease receivable Interest revenue 13,586 1,414 1,142 December 31, 202 Interest receivable Interest revenue 13,858 X 7 15,000 January 01, 2022 Cash Lease receivable Interest receivable 13,858 1,142

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