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 $250,952. Manufacturers Southern elected the short-term lease option. Appropriate adjusting entries are made annually. 5 years Related Information: Lease term 1 years (4 quarterly periods) Quarterly lease $17,500 at Jan. 1, 2016, and at payments Mar. 31, June 30, Sept. 30. Economic life of asset Interest rate charged8% by the lessor Respond to the question with the presumption that the guidance provided by the proposed Accounting Standards Update is being applied. Required: Prepare appropriate entries for Manufacturers Southern from the beginning of the lease through December 31, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list X 1 Record the lease. 2 Record the lease payment 3 Record the lease payment 4 Record the lease payment 5 Record the lease payment Cred Note : = journal entry has been entered Record entry Clear entry View general journal 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 $250,952. Manufacturers Southern elected the short-term lease option. Appropriate adjusting entries are made annually. 5 years Related Information: Lease term 1 years (4 quarterly periods) Quarterly lease $17,500 at Jan. 1, 2016, and at payments Mar. 31, June 30, Sept. 30. Economic life of asset Interest rate charged8% by the lessor Respond to the question with the presumption that the guidance provided by the proposed Accounting Standards Update is being applied. Required: Prepare appropriate entries for Manufacturers Southern from the beginning of the lease through December 31, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list X 1 Record the lease. 2 Record the lease payment 3 Record the lease payment 4 Record the lease payment 5 Record the lease payment Cred Note : = journal entry has been entered Record entry Clear entry View general journal