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 $112,446. (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: 2 years (8 quarterly periods) $15,300 at the beginning of each period 2 years $112,446 103 Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (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. Prepare a lease amortization schedule for the term of the lease for Manufacturers Southern. (Enter all amounts as positive values.) Lease Payment Date Payments Effective Decrease in Interest Lease Balance Balance 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 Date No General Journal Debit Credit 1January 01, 2018 Right-of-use asset Lease payable 2 January 01, 2018 Lease payable Cash 3April 01, 2018 Interest expense Lease payable Cash 4July 01, 2018 nterest expense Lease payable Cash 5October 01,2018 Interest expense Lease payable Cash December 31, 2018 Interest payable December 31, Amortization expense Right-of-use asset 8 January 01, 2019 Interest payable Lease payable Cash