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 $127,024. (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: 2 years (8 quarterly periods) $17,000 at the beginning of each period 2 years $127,024 Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 8% 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. 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) Effective Interest Decrease in Balance Lease Payment Date Lease Balance 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 Journal entry worksheet 2 3 4 5 6 7 8 > 1 Record the beginning of the lease for Manufacturers Southern. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 View transaction list > 2 Record lease payment. 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 :X: