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 $119,292. (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 Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate 2 years (8 quarterly periods) $15,700 at the beginning of each period 2 years $119,292 6% 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 Answer is complete but not entirely correct. Lease Payments Interest Expense Decrease in Balance Lease Balance Payment Date 01/01/201615,700 04/01/2016 07/01/2016 10/01/2016 01/01/2017 04/01/2017 07/01/2017 10/01/2017 $ 119,292 15,700103,592 15,700 $ ,342S14,14689,446 74,872 60,080 45,066 29,827 14,359 0 554 15,700 15,700 15,700 15,700 15,700 15,700 $ 125,600 1,126 x14,574 908 x $ 14,792 686 x $ 15,014 461 x $ 15,239 232 x $ 15,468 1,341 14,359 7,650$119,292 Totals Journal entry worksheet 2 4 5 6 7 8 Record the lease. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2016 Lease receivable Lease payable 119,292 119,292 Record entry Clear entry View general journal