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.

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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 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.