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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 $123.288.

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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 $123.288. (FV of $1, PV of $1. FVA of $1. PVA of $1. PVAD of $1 and PVAD of $1 (Use approprlate 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 increnental borrowing rate) 2 years (8 quarterly periods) $16,5e at the beginning of each period 2 years $123,288 8% Required: Prepare a lease amortization schedule and appropriate entrles for Manufacturers Southern from the beginning of the lease through January 1, 2019. Depreclation Is recorded at the end of each fiscal year (December 31) on a stralght-line basis. Answer is not complete. Complete this question by entering your answers in the tabs below

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