Options to Drop box labels to Journal Entries are

No journal entry required

Accumulated depreciation

Amortization expense

Building

Cash

cost of good sold

deferred sales revenue

depreciation expense

equipment

interest expense

interest payable

interest receivable

Interest revenue

Lease payable

Lease receivable. Maintenance expense

Notes payable

Prepaid expense

Rate of use asset

Selling expense

Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $125,370. (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 2 years (8 quarterly periods) Quarterly rental payments $16,500 at the beginning of each period Economic life of asset 2 years Fair value of asset $125,370 Implicit interest rate 6% (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, 2022. Amortization of the right-of-use asset is recorded at the end of each fiscal year (December 31) on a straight-line basis. Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Prepare a lease amortization schedule for the term of the lease for Manufacturers Southern. (Round your intermediate calculations and final answers to the nearest whole dollar) Payment Date Lease Payments Effective Interest Decrease in Balance Lease Balance 01/01/2021 04/01/2021 07/01/2021 10/01/2021 01/01/2022 04/01/2022 07/01/2022 10/01/2022 Total Amort Schedule General Journal Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet Record the beginning of the lease for Manufacturers Southern. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record lease payment. Note: Enter debits before credits. Date General Journal Debit Credit October 01, 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record accrued interest. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Record amortization of the right-of-use asset for Manufacturers Southern. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet