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 $124,782. (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 $16,700 at the beginning of each period Economic life of asset 2 years Fair value of asset $124, 782 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. Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less No Date General Journal Debit Credit 1 124,782 January 01, 2021 Right-of-use asset Lease payable 124,782 2 16,700 January 01, 2021 Lease payable Cash 16,700 oo OOO 3 April 01, 2021 Lease payable Interest expense 14,538 2,162 olo Cash 16,700 4 July 01, 2021 Lease payable 14,829 1,871 Interest expense Cash 16,700 5 October 01, 2021 Lease payable Interest expense Cash 15,126 1,574 lo 16,700 6 1,272 December 31, 202 Interest expense Lease payable X 1,272 8 16,700 8 January 01, 2022 Lease payable Cash x 16,700 X