Manufacturers Southern leased high$-$tech electronic equipment from Edison Leasing on January $1,2024.$ Edison purchased the equipment from International Machines at a cost of $$127,024.$

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

$\backslash$table$[[$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,],[\backslash$table$[[$Implicit interest rate $($Also$],[$lessee$\text{'}$s incremental borrowing$],[$rate$)]],8\%,]]$

Required:

Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January $1,2025.$ Amortization is recorded at the end of each fiscal year $($December $31)$ on a straight$-$line basis.