YK Incorporated leased road building equipment from Bajan Leasing on January 1, 2021. Bajan purchased the equipment from International Machines at a cost of $148.930. Related Information: Lease term 2 years (4 semi-annual periods) Quarterly rental payments$40,000 at the beginning of each period Economic life of asset 2 years Fair value of asset $148,930 Implicit interest rate 10% (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 2022. Amortization of the right-of-use asset is recorded at the end of each fiscal year (December 31) on a straight-line basis