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Manufacturers Southern leased high - tech electronic equipment from Edison Leasing on January 1 , 2 0 2 4 . Edison purchased the equipment from
Manufacturers Southern leased hightech electronic equipment from Edison Leasing on January Edison purchased the equipment from International Machines at a cost of $
Note: Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
tableRelated Information:,,Lease term,years quarterly periodsQuarterly rental payments,$at the beginning of each periodEconomic life of asset,yearsFair value of asset,$tableImplicit interest rate Alsolessees incremental borrowingrate
Required:
Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January Amortization is recorded at the end of each fiscal year December on a straightline basis.
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