Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the...

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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 $125,370. (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 Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) $16,500 at the beginning of each period 2 years $125,370 6% 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 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) Payment Date Lease Payments 01/01/2021 04/01/2021 07/01/2021 10/01/2021 01/01/2022 04/01/2022 07/01/2022 10/01/2022 Total Effective Interest Decrease in Balance Lease Balance Amort Schedule General Journal > Journal entry worksheet < 1 2 345678 Record the beginning of the lease for Manufacturers Southern. Note: Enter debits before credits, Date January 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal < Amort Schedule General Journal > Journal entry worksheet < 1 2 3 4 5 6 7 8 Record lease payment. Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal < Amort Schedule General Journal Journal entry worksheet < 1 2 3 4 5678 Record lease payment. Note: Enter debits before credits. Date April 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal < Amort Schedule General Journal Journal entry worksheet < 1 2 3 Record lease payment. Note: Enter debits before credits. Date July 01, 2021 4 5 6 7 8 General Journal Debit Credit Record entry Clear entry View general journal Amort Schedule General Journal > Journal entry worksheet < 1 2 3 4 5 6 78 Record lease payment. Note: Enter debits before credits. Date October 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal < Amort Schedule General Journal > Journal entry worksheet < 1 2 3 4 5 6 7 8 Record accrued interest. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal < Amort Schedule General Journal Journal entry worksheet > 1 2 3 456 7 8 Record amortization of the right-of-use asset for Manufacturers Southern. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal < Amort Schedule General Journal > Journal entry worksheet > 1 2 3 4 5 6 Record lease payment. Note: Enter debits before credits. Date January 01, 2022 7 8 > General Journal Debit Credit Record entry Clear entry View general journal < Amort Schedule General Journal 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 $125,370. (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 Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) $16,500 at the beginning of each period 2 years $125,370 6% 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 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) Payment Date Lease Payments 01/01/2021 04/01/2021 07/01/2021 10/01/2021 01/01/2022 04/01/2022 07/01/2022 10/01/2022 Total Effective Interest Decrease in Balance Lease Balance Amort Schedule General Journal > Journal entry worksheet < 1 2 345678 Record the beginning of the lease for Manufacturers Southern. Note: Enter debits before credits, Date January 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal < Amort Schedule General Journal > Journal entry worksheet < 1 2 3 4 5 6 7 8 Record lease payment. Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal < Amort Schedule General Journal Journal entry worksheet < 1 2 3 4 5678 Record lease payment. Note: Enter debits before credits. Date April 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal < Amort Schedule General Journal Journal entry worksheet < 1 2 3 Record lease payment. Note: Enter debits before credits. Date July 01, 2021 4 5 6 7 8 General Journal Debit Credit Record entry Clear entry View general journal Amort Schedule General Journal > Journal entry worksheet < 1 2 3 4 5 6 78 Record lease payment. Note: Enter debits before credits. Date October 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal < Amort Schedule General Journal > Journal entry worksheet < 1 2 3 4 5 6 7 8 Record accrued interest. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal < Amort Schedule General Journal Journal entry worksheet > 1 2 3 456 7 8 Record amortization of the right-of-use asset for Manufacturers Southern. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal < Amort Schedule General Journal > Journal entry worksheet > 1 2 3 4 5 6 Record lease payment. Note: Enter debits before credits. Date January 01, 2022 7 8 > General Journal Debit Credit Record entry Clear entry View general journal < Amort Schedule General Journal