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Manufacturers Southem leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $121,046.

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Manufacturers Southem leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $121,046. (FV of $1. PV of S1, FV 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) $16, 209 at the beginning of each period 2 years $121,046 8% 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. Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Prepare a lease amortization schedule for the term of the lease for Manufacturers Southern. (Round your intermediate calculations and final answers to the nearest whole dollar) Lease Effective Decrease in Payment Date Payments Interest Lease Balance Balance 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 General Journal Schedule Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Depreciation 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 View transaction list Journal entry worksheet 1 2 3 4 5 8 7 8 Record the beginning of the lease for Manufacturers Southern Note: Enter dobits before credits Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general Journal Amort Schedule Schedule Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Depreciation 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 View transactions Journal entry worksheet

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