Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2016. Edison purchased the equipment from International Machines at a cost of $252, 192. Manufacturers Southern elected the short-term lease option. Appropriate adjusting entries are made annually. Economic life of asset 5 years Interest rate charged by the lessor 8% Respond to the question with the presumption that the guidance provided by the proposed Accounting Standards Update is being applied. Prepare appropriate entries for Manufacturers Southern from the beginning of the lease through December 31, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)