Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2018. Edison purchased the equipment from International Machines at a cost of $136,768. (FV of $1. PV of $1. EVA 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 $18,000 at the beginning of each period Economic life of asset 2 years Fair value of asset $136,768 Implicit interest rate 64 (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, 2019. Depreciation 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. (Enter all amounts as positive values.) Payment Date Lease Payments Effective Interest Decrease in Balance Lease Balance 01/01/2018 04/01/2018 07/01/2018 Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) $136,768 6% Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2019. Depreciation 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. (Enter all amounts as positive values.) Payment Date Lease Payments Effective Interest Decrease in Balance Lease Balance ces 01/01/2018 04/01/2018 07/01/2018 10/01/2018 01/01/2019 04/01/2019 07/01/2019 10/01/2019 Total $ 0 $ 0 on 0 Amort Schedule General Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2019. Depreciation is recorded at the end of each fiscal year (December 31) on a straight-line basis. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar) Show less View transaction list Journal entry worksheet 1 2 6 8 Record the beginning of the lease for Manufacturers Southern Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2018 No journal entry required Accumulated depreciation Amortization expense Record entry Building View general journal Schedule Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2019. Depreciation is recorded at the end of each fiscal year (December 31) on a straight-line basis. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar) Show less View transaction list Journal entry worksheet 1 2 3 4 5 6 7 > 0 Record lease payment Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2018 No journal entry required Accumulated depreciation Amortization expense Building Record entry View general journal Amor Schedule General Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2019. Depreciation is recorded at the end of each fiscal year (December 31) on a straight-line basis. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar) Show less View transaction list Journal entry worksheet 1 2 3 5 6 7 8 > Record lease payment Note: Enter debits before credits General Journal Debit Credit Date April 01, 2018 No journal entry required Accumulated depreciation Amortization expense Record entry Building View general Journal Schedule Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2019. Depreciation is recorded at the end of each fiscal year (December 31) on a straight-line basis. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar.) Show less View transaction list Journal entry worksheet 1 2 3 1 5 6 7 8 > Record lease payment. Note: Enter debits before credits Date General Journal Debit Credit July 01, 2018 No journal entry required Accumulated depreciation Amortization expense Building Record entry View general journal Schedule Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2019. Depreciation is recorded at the end of each fiscal year (December 31) on a straight-line basis. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar.) Show less View transaction list Journal entry worksheet Record lease payment. Note: Enter debits before credits General Journal Debit Credit Date October 01, 2018 No journal entry required Accumulated depreciation Amortization expense Building Record entry View general journal Check my work Amort Schedule General Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2019. Depreciation is recorded at the end of each fiscal year (December 31) on a straight-line basis. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar) Show less View transaction list Journal entry worksheet Record lease payment. Note: Enter debits before credits General Journal Debit Credit Date January 01, 2019 No journal entry required Accumulated depreciation Amortization expense Building Record entry View general Journal