Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $123.288. (FV of $1. PV of S1, PVA of $1. PVA of $1. FVAD of S1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.) Related Infonation: Lease term 2 years (8 quarterly periods) Quarterly rental payments 416,500 at the beginning of each period Economic life of asset 2 years Fair value of asset $123,288 Implicit interest rate (Also lessee's incremental borrowing rate) Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization of the right-of-use asset 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 (Round your intermediate calculations and final answers to the nearest whole dollar) Payment Date Lease Payments Effective interest Decrease in Balance Lease Balance 01/01/2021 04/01/2021 07/01/2021 10/01/2021 01/01/2022 04/01/2022 07/01/2022 10/01/2022 $ 0 $ op General Journal > Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $123,288. (FV of $1. PV OF $1, FVA Of S1, PVA of $1. FVAD of $1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly rental payants Economie life of asset Fair value of asset Implieit interest rate (Also lessee's incremental borrowing rate) 2 years ( quarterly periods) $16.500 at the beginning of each period 2 years $123, 260 Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization of the right-of-use asset 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 Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 2022. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. (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.) Show less View transaction list Journal entry worksheet 34 Record the beginning of the lease for Manufacturers Southern Note: Enter debits before credits General Journal Debit Credit January 01, 2021 Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $123,288. (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 payments Economie life of asset Fair value of asset Tepliest interest rate Also lesne incremental borrowing rate) 2 years (8 quarterly periods) $16,500 at the beginning of each period 2 years $122.288 Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization of the night-of-use asset 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 Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. (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.) Show less View transaction list Journal entry worksheet Jom 3 4 5 6 7 Record lease payment. Note: Enter debits before credits. General Journal Debit Date January 01, 2021 Credit Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipment from international Machines at a cost of $123,288. (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 tem Quarterly rental payments Economie life of asset Fair value of asset Teplieit interest rate (Also lessee. Incremental borrowing rate 2 years (0 quarterly periods) $16,500 at the beginning of each period 2 years $12a, 280 Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization of the right-of-use asset 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 Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1. 2022. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. (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.) Show less View transaction list Journal entry worksheet 4 5 6 Record lease payment. Note Enter debits before credits General Journal D ebit Credit April 01, 2021 Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $123,288. (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: Quarterly rental payments Economie life of asset Fair value of asset Implicit interest rate (Also lessee incremental borrowing rate) 2 years (0 quarterly periods) $16,500 at the beginning of each period 2 years $123,288 Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization of the right-of-use asset 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 Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. (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.) Show less View transaction list Journal entry worksheet