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Please verify that my answers under the General Journal tab for #6, #7, and #8 are correct. Thank you! Manufacturers Southern leased high-tech electronic equipment

Please verify that my answers under the "General Journal" tab for #6, #7, and #8 are correct. Thank you!

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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 $127,024. (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.) 0.75 points Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) $17,000 at the beginning of each period 2 years $127,024 8% eBook Hint 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. Print Complete this question by entering your answers in the tabs below. References Amort Schedule General Journal Prepare a lease amortization schedule for the term of the lease for Manufacturers Southern. (Enter all amounts as positive values.) Payment Date Lease Payments Effective Interest Decrease in 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 17,000 17,000 17,000 17,000 17,000 17,000 17,000 17,000 136,000 0 $ 2,200 $ 1,904 S 1,603 S 1,295 $ 981 $ 660 $ 333 $ 8,976 $ 17,000 14,800 15,096 15,397 15,705 16,019 16,340 16,667 127,024 Lease Balance $ 127,024 110,024 95,224 80,128 64,731 49,026 33,007 16,667 $ $ Show less View transaction list View journal entry worksheet General Journal Credit 0.75 points No 1 Date January 01, 2018 Right-of-use asset Lease payable Debit 127,024 127,024 2 17,000 eBook January 01, 2018 Lease payable Cash 17,000 Hint 3 April 01, 2018 2,200 Interest expense Lease payable Cash 14,800 17,000 Print July 01, 2018 Interest expense Lease payable Cash 1,904 15,096 References 17,000 5 October 01, 2018 Interest expense Lease payable Cash 1,603 15,397 17,000 December 31, 2018 Interest expense 1,295 Interest payable 1,295 December 31, 2018 Amortization expense 63,512 Right-of-use asset 63,512 8 January 01, 2019 Interest payable Lease payable Cash 1,295 15,705 17,000

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