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

Transcribed Image Text:

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 $123,288. 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) $ 16,500 2 at the beginning of each period years Fair value of asset $ 123,288 Implicit interest rate (Also lessee's incremental borrowing 8% rate) Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2025. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. Amortization Schedule General Journal 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. Payment Date Lease Payments Effective Interest Decrease in Balance Lease Balance 01/01/2024 01/01/2024 04/01/2024 07/01/2024 10/01/2024 01/01/2025 04/01/2025 07/01/2025 10/01/2025 Total 0 S 0 S 0 General Journal 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 $123,288. 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) $ 16,500 2 at the beginning of each period years Fair value of asset $ 123,288 Implicit interest rate (Also lessee's incremental borrowing 8% rate) Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2025. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. Amortization Schedule General Journal 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. Payment Date Lease Payments Effective Interest Decrease in Balance Lease Balance 01/01/2024 01/01/2024 04/01/2024 07/01/2024 10/01/2024 01/01/2025 04/01/2025 07/01/2025 10/01/2025 Total 0 S 0 S 0 General Journal