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 $$168,120.$

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)$

Related Information:

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

Quarterly rental payents $$22,500$ at the beginning of each period

Economic life of asset $,2$ years

Fair value of asset $ $168,120$

Implicit interest rate $($Also

lessee's incremental borrowing

rate$)$

$88$

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.

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

Amortization Schedule

General

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.

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