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 $$121,046.$

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

Required:

Prepare a lease amortization schedule and approprlate 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$-$IIne basis.

Complete this question by entering your answers in the tabs below.

Prepare a lease amortization schedule for the term of the lease for Manufacturers Southern.

Note: Round your intermediate calculations and final answers to the nearest whole dollar. Enter all amounts as positive

values. 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 $$121,046.$

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

Required:

Prepare a lease amortization schedule and approprlate 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 stralght$-$IIne basis.

Complete this question by entering your answers in the tabs below.

Amortization

General

Schedule

Journal

Record the 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.

Note: 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.

Journal entry worksheet

Record the beginning of the lease for Manufacturers Southern.

Note: Enter debits before credits.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 $$121,046.$

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)$

Related Information:

Lease term $2$ years $(8$ quarterly periods$)$

Quarterly rental payments $ $16,200$ at the beginning of each period

Economic life of asset $2$ years

Fair value of asset $ $121,046$

Implicit interest rate $($Also lessee$$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.