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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 $121046

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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 $121046 (EV of $1. PV of $1. EVA of 51. PVA of $1. EVAD of $1 and PVAD of 5) (Use appropriate factor(s) from the tables provided.) Related Information Lease term Quarterly rental payments Economie life of a set Fair value of asset Implicit intereat rate (Also lessons incremental borrowing rate) 2 years (e quarterly periods) 316, 200 at the beginning of each period 2 years $121.046 85 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 tiscal 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)

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