Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2018. Edison purchased the equipment from International Machines at a cost of $117,772

Manufocturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2018. Edison purchased the equipment from International Machines at a cost of $117.772 (FV of $1, PV of $1, FVA of $1. PVA of $1 FVAD of $1 ond PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) $15, 508 at the beginning of each period 2 years $117,772 6% Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2019. Depreciation is recorded at the end of each fiscal year (December 31) on a straight- line basis. Complete this question by entering your answers in the tabs below Amort Schedule General Journal Prepare a lease amortizatian schedule for the term of the lease for Manufacturers Southern. (Enter all amounts as positive values.) Effective Decre888 In Lease Balan Interest Lea Payment Date ments 01/01/2018 04/01/2018 07/01/2018 10/01/2018 01/01/2019 04/01/2019 07/01/2019 1001/2019 Tatal 15,500 15,500$ 0 S