Requirement 2: 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.)

1. 1/1/21 Record the beginning of the lease for Manufacturers Southern.

2. 1/1/21 Record lease payment

3. 4/1/21 Record lease payment

4. 7/1/21 Record lease payment

5. 10/1/21 Record lease payment

6. 12/31/21 Record accrued interest.

7. 12/31/21 Record amortization of the right-of-use asset for Manufacturers Southern.

8. 1/1/22 Record lease payment

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 $135,990. (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) $18, 200 at the beginning of Quarterly rental payments each period Economic life of asset 2 years Fair value of asset $135,990 Implicit interest rate (Also lessee's incremental borrowing rate) 8% 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 Decrease Lease Interest in Balance Balance I D 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 $ 0 $ 0 $ 0