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3 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.) 075 points Related Information: 2 years (8 quarterly periods) $17,000 at the beginning of each period 2 years $127,024 Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) eBook 8 % 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 General Schedule Journal Prepare a lease amortizatie values.) Manufacturers Southern. (Ent for the term of the as positive Decrease in Balance Lease Effective Payment Date Lease Balance Interest Payments 127,024 110,024 S 17,000 17,000 01/01/2018 17,000 $ 2,200 14,800 04/01/2018 95,224 1,904 1,603 $ 07/01/2018 17,000 S 15,096 80,128 17,000 15,397 10/01/2018 64,731 49,026 1,295 $ 01/01/2019 17,000 15,705 16,019 04/01/2019 17,000 981 33,007 660 $ 07/01/2019 17,000 16,340 16,667 10/01/2019 17,000 333 S 16,667 Total $ 136,000 8,976 127,024 General Journal> Amort Schedule General Journal Amort Schedule Record the 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar.) Show less View journal entry worksheet View transaction list General Journal Credit No Date Debit January 01, 2018 Right-of-use asset 127,024 1 Lease payable 127,024 January 01, 2018 Lease payable 17,000 2 Cash 17,000 April 01, 2018 Interest expense 2,200 Lease payable 14,800 17,000 Cash Interest expense July 01, 2018 4 1,904 Lease payable 15,096 17,000 Cash October 01, 2018 Interest expense 5 1,603 Lease payable 15,397 17,000 Cash December 31, 2018 Interest expense 6 1,295 1,295 Lease payable December 31, Amortization expense 7 63,512 2018 Right-of-use asset 63,512 January 01, 2019 Lea 8 payable 17,000