General Journal

Journal Entry 1 - Jan 01, 2021 -Record the beginning of the lease for Manufacturers Southern.

Journal Entry 2 - Jan 01, 2021 - Record lease payment

Journal Entry 3 - Aprl 01, 2021 - Record lease payment.

Journal Entry 4 - July 01, 2021 - Record lease payment

Journal Entry 5 - oct 01, 2021 - Record lease payment

Journal Entry 6 - Dec 31, 2021 - Record accrued interest

Journal Entry 7 - Dec 31, 2021 - Record amortization of the right-of-use asset for Manufacturers Southern

Journal Entry 8 - Jan 01, 2022 - Record lease payment

Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $112,446. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) $15, 300 at the beginning of each period 2 years $112,446 10% 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. Amort Schedule General Journal Prepare a lease amortization schedule for the term of the lease for Manufacturers Southern. (Round your intermediate calculations and final answers to the nearest whole dollar) 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 $ 0 $ 0 $ 0