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 $119,300. (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 lease payments $16,500 at Jan. 1, 2016, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter.

Economic life of asset 2 years Interest rate charged by the lessor 12%

Respond to the question with the presumption that the guidance provided by the proposed Accounting Standards Update is being applied.

Required: Prepare a lease amortization schedule for the two-year term of the lease for Manufacturers Southern from the beginning of the lease through December 31, 2016. The companys fiscal year-end is December 31. (1-8) payment date-lease payments-interest expense-decrease in balance-lease balance)

Prepare appropriate entries for Manufacturers Southern from the beginning of the lease through December 31, 2016. The companys fiscal year-end is December 31. Appropriate adjusting entries are recorded at the end of each quarter (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. Record the lease. 2. Record cash payment. 3.Record cash payment 4. record amortization. 5.Record cash payment 6. Record amortization expense 7. Record cash payment 8. Record amortization expense 9. Record cash payment 10. Record amortization expense