AMORTIZATION AND JOURNAL ENTRIES PLEASE Edison Leasing leased high$-$tech electronic equipment to Manufacturers Southern on January $1,2024.$ Edison purchased the

equipment from International Machines at a cost of $$119,300.$

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 $2$ years $(8$ quarterly periods$)$

Quarterly rental payments $ $16,500$ at the beginning of each period

Economic life of asset $2$ years

Fair value of asset $ $119,300$

Implicit interest rate $($Also

lessee's incremental borrowing $12\%$

rate$)$

Required:

Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January $1,$

Edison's fiscal year ends December $31.$

Complete this question by entering your answers in the tabs below.

Amortization

Schedule

General

Journal

Prepare the appropriate entries for Edison Leasing from the beginning of the lease through January $1,2025.$ Edison's fiscal year ends

December $31.$

Note: 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.

Journal entry worksheet

Record the lease.

Note: Enter debits before credits.

Edison Leasing leased high$-$tech electronic equipment to Manufacturers Southern on January $1,2024.$ Edison purchased the

equipment from International Machines at a cost of $$119,300.$

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 $2$ years $(8$ quarterly periods$)$

Quarterly rental payments $ $16,500$ at the beginning of each period

Economic life of asset $2$ years

Fair value of asset $ $119,300$

Implicit interest rate $($Also

lessee's incremental borrowing $12\%$

rate$)$

Required:

Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January $1,$

Edison's fiscal year ends December $31.$

Complete this question by entering your answers in the tabs below.

Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January $1,2025.$ Edison's

fiscal year ends December $31.$

Note: Round your intermediate and final answers to the nearest whole dollar. Enter all amounts as positive values.

Lease

Payments

Effective

Interest

Decrease in

Balance