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 $$135,990.$

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

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$)$

$$18,200$ at the beginning of each period

$$135,2$ years

$$135,990$

$8\%$

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.

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

Amortization Schedule

General

Journal

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.

$\backslash$table$[[$Payment Date,$\backslash$table$[[$Lease$],[$Payments$]],\backslash$table$[[$Effective$],[$Interest$]],\backslash$table$[[$Decrease in$],[$Balance$]],$Lease Balance$],[\frac{01}{01}\frac{?}{2024},,,,,,,$$$,135,990],[\frac{01}{01}\frac{?}{2024},$$$,18,200,,0,$$$,18,200,,117,790],[04/01/2024,,18,200,$$$,7,067,,,,],[07/01/2024,,,,,,,,],[\frac{10}{01}\frac{?}{2024},,,,,,,,]]$