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 $135,990. (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 $18,200 at the beginning of each period Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) 2 years $135,990 8% Required: Prepare a lease amortization schedule for the term of the lease. Also record the appropriate entries for Manufacturers Southern from the inception of the lease through January 1, 2017. Depreciation is recorded at the end of each fiscal year (December 31) on a straight-line basis Interest Expense Decrease in Balance ease Payment Date Lease Balance Payments $ 135,990 01/01/2016 04/01/2016 07/01/2016 10/01/2016 01/01/2017 04/01/2017 07/01/2017 10/01/2017 Totals 01$