Manufacturers Western leased high-tech electronic equipment from Tesla Leasing on January 1, 2016. Tesla purchased the equipment from National Machines at a cost of $205,052 (rounded to nearest dollar). Related Information: Lease term 3 years (12 quarterly periods) Quarterly rental payments $20,000 at the beginning of each period Economic life of the asset 3 years Fair value of the asset $205,052 Implicit interest rate 12% (Also lessee's incremental borrowing rate) Required: Prepare a lease amortization schedule for the life of the lease and appropriate entries for Manufacturers Western from the inception of the lease through January 1, 2017. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis