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Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $127,024. (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 2 years (8 quarterly periods) Quarterly rental payments $17,000 at the beginning of each period Economic life of asset 2 years Fair value of asset $127,024 Implicit interest rate 8% (Also lessee's incremental borrowing rate) Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization of the right-of-use asset is recorded at the end of each fiscal year (December 31) on a straight-line basis. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Amort General Schedule Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less No Date General Journal Debit Credit 1 January 01, 2 Equipment X127,024 Lease payable 127,024 2 January 01, 2 Lease payable 17,000 Cash 17,000 3 April 01, 2021 Lease payable Interest expense Cash 14,800 2,200 17,000 4 4 July 01, 2021 Lease payable Interest expense Cash SSSSSSSS 15,096 1,904 17,000 5 October 01, 2 Lease payable 15,397 1,603 Interest expense Cash 17,000 6 1,295 December 31 Interest expense Interest payable 1,295 7 X 63,512 December 31 Depreciation expense Accumulated depreciation 63,512 333 X X 8 January 01, 2 Lease payable Interest payable Cash 15,705 1,295 17,000