There are only 3 general journal entries!

Question 1: (20 points) Twitter leased high-tech electronic equipment from Tesla Leasing on January 1, 2021 Tesla purchased the equipment from IBM at a cost of $168,120 Related Information: Lease term 2 years (8 quarterly periods) Quarterly rental payments $22,500 at the beginning of each period Economic life of asset 2 years Fair value of asset $168.120 Implicit interest rate 8% (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. 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 22. Suo 22, suo 22, soo 22, soo 22, sou 22,5oo 22, sos 22, sou 189 wb Date o 2,912 2,521 2, 121 4,713 1298 874 441 22,500 145, 620 19,588 /26.032 19,979 106,053 20,379 85, 674 20,787 64,888 21,202 43,685 21,626 22,059 22,059 1681120 General Journal No Debit Credit 1 2 3