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 $168.120. (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) $22,500 at the beginning of each period 2 years $168,120 Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southem 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 General Schedule 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 Effective Interest Decrease in Balance Lease Balance 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 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 $168,120. (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) $22,580 at the beginning of each period 2 years $168,120 8% Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southem 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 General Schedule Joumal 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 View transaction list X 1 > Record the beginning of the lease for Manufacturers Southern. Record lease payment. 2 3 Record lease payment. 4 Record lease payment. Credit 5 Record lease payment. 6 Record accrued interest. 7 Record amortization of the right-of-use asset for Manufacturers Southern Note : = journal entry has been entered Record entry Clear entry View 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 $168,120. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of Si and PVAD of $1 ( 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) $22,580 at the beginning of each period 2 years $168,120 8% Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southem 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 ba Complete this question by entering your answers in the tabs below. Amort General Schedule 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 View transaction list X > 2 Record lease payment. 3 Record lease payment. 4 Record lease payment. 5 Record lease payment. Credit 6 Record accrued interest. 7 Record amortization of the right-of-use asset for Manufacturers Southern. 8. Record lease payment. Note : = journal entry has been entered Record entry Clear entry View general journal