Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2018. Edison purchased the equipment from International Machines at a cost of $136,768. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly rental payment:s Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) $18,000 at the beginning of each period 2 years $136,768 6% Required Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2019. Depreciation 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 Amort Schedule General Journal Prepare a lease amortization schedule for the term of the lease for Manufacturers Southern. (Enter all amounts as positive values.) Decrease in Balance Lease Pa Effective Interest Lease Balance Payment Date ents 01/01/2018 04/01/2018 07/01/2018 10/01/2018 01/01/2019 04/01/2019 07/01/2019 10/01/2019 Total General Journal Amort Schedule Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2019. Depreciation is recorded at the end of each fiscal year (December 31) on a straight-line basis. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar.) Show less View transaction list Journal entry worksheet Record the beginning of the lease for Manufacturers Southern Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2018 Record entry Clear entry View general journal Journal entry worksheet 4 7 Record lease payment. Note: Enter debits before credits. Debit Date General Journal Credit January 01, 2018 Clear entry Record entry View general journal Journal entry worksheet 4 7 Record lease payment. Note: Enter debits before credits. Debit Date General Journal Credit April 01, 2018 Record entry Clear entry View general journal Journal entry worksheet Record lease payment. Note: Enter debits before credits. Debit Date General Journal Credit July 01, 2018 Record entry Clear entry View general journal Journal entry worksheet Record lease payment. Note: Enter debits before credits. Date General Journal Debit Credit October 01, 2018 Record entry Clear entry View general journal Journal entry worksheet Record accrued interest. Note: Enter debits before credits. Debit Date General Journal Credit December 31, 2018 Clear entry Record entry View general journal Journal entry worksheet Record the amortization for right-of-use asset by Manufacturers Southerrn Note: Enter debits before credits. Debit Date General Journal Credit December 31, 2018 Record entry Clear entry View general journal Journal entry worksheet 4 Record lease payment Note: Enter debits before credits. Debit Date General Journal Credit January 01, 2019 Record entry Clear entry View general journal
