Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2016 Edison purchased the equipment from International Machines at a cost of S127,024. FV of S1. PW of S1. FVA of $1, PVA of $1, FVAD of S1 and PVAD of S1 Use appropriate factor(s) from the tables provided.) Related Information 2 years (8 quarterly periods) Lease term Quarterly rental payments S17,000 at the beginning of each period conomic life of asset 2 years $127,024 Fair value of asset Implicit interest rate 8% (Also lessee's incremental borrowing rate Required Prepare a lease amortization schedule for the term of the lease. Also record the appropriate entries for Manufacturers Southern from the inception of the lease through January 1, 2017. Depreciation is recorded at the end of each fiscal year (December 31) on a straight-line basis. Payment Date Payments Expense Balance 127,024 01/01/2016 04/01/2016 07/01/2016 10/01/2016 01/01/2017 04/01/2017 07/01/2017 10/01/2017 Totals