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 $135,990. (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 $18,200 at the beginning of each period Economic life of asset 2 years Fair value of asset $135,990 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. Show less No Date General Journal Debit Credit 1 135,990 January 01, 2021 Right-of-use asset Lease payable 135,990 2 18,200 January 01, 2021 Lease payable Cash 18,200 3 April 01, 2021 Interest expense Lease payable Cash 2,356 15,844 18,200 4 July 01, 2021 Interest expense Lease payable Cash 2,039 16,161 18,200 5 1,716 October 01, 2021 Interest expense Lease payable Cash 16,484 18,200 6 December 31, 202 Interest expense Lease payable Cash 1,386 16,814 18,200 7 16,999 December 31, 202 Amortization expense Right-of-use asset 16,999 8 January 01, 2022 No journal entry required