Question: 15.3 please help will give like if answers r correct Exercise 15-6 (Static) Finance lease; lessee [LO15-2] Manufacturers Southern leased high-tech electronic equipment from Edison

15.3 please help will give like if answers r correct

Exercise 15-6 (Static) Finance lease; lessee [LO15-2] Manufacturers Southern leased high-tech electronic

equipment from Edison Leasing on January 1, 2024. Edison purchased the equipment

from International Machines at a cost of $112,080. Note: Use tables, Excel,

or a financial calculator. (FV of $1, PV of $1. FVA of

$1. PVA of $1. FVAD of $1 and PVAD of $1) Related

Information: Lease term Quarterly rental payments Economic life of asset 2 years

(8 quarterly periods) $15,000 at the beginning of each period 2 years

$112,080 Implicit interest rate (Also 8% Fair value of asset 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, 2025.

Exercise 15-6 (Static) Finance lease; lessee [LO15-2] Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2024. Edison purchased the equipment from International Machines at a cost of $112,080. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Related Information: Lease term Quarterly rental payments Economic life of asset 2 years (8 quarterly periods) $15,000 at the beginning of each period 2 years $112,080 Implicit interest rate (Also 8% Fair value of asset 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, 2025. Amortization 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.

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