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 2 years (8 quarterly periods) Quarterly rental payments $16,500 at the beginning of each period Economic life of asset 2 years Fair value of asset $123,288 Implicit interest rate 8% (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. Answer is not complete. 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 IS $ 0$ 01/01/2021 04/01/2021 07/01/2021 16,500 16,500 16,500 $ 16,500 14,364 14,652 2,136 $ 1,848$ 1,555$ 1,257 $ 123,288 106,788 92,424 77,772 62,827 47,584 16,500 14,945 10/01/2021 01/01/2022 15,243 16,500 16,500 04/01/2022 952 $ 15,548 32,036 07/01/2022 16,500 641 $ 16,177 15,859 16,177 10/01/2022 16,500 323 $ 0 Total $ 132,000 $ 8,712 $ 123,288 No Date General Journal Debit Credit 1 123,288 January 01, 2021 Equipment Lease payable 123,288 2 January 01, 2021 Lease payable 16,500 16,500 3 April 01, 2021 Interest expense 2,136 14,364 Lease payable Cash 16,500 4 July 01, 2021 Interest expense 1,848 14,652 Lease payable Cash 16,500 5 1,555 October 01, 2021 Interest expense Lease payable 14,945 Cash 16,500 6 1,257 > December 31, 202 Interest expense Interest payable 1,257 7 December 31, 202 Amortization expense Right-of-use asset 8 January 01, 2022 Interest payable Lease payable 1,257 15,243 Cash 16,500