mework Saved Help Save & Exit Submit Check my work 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 $117,772. (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) $15,500 at the beginning of each period 2 years $117,772 6% 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. < Prev 3 of 6 Next > Show all 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 D:11 01/01/2021 $ 15,500 04/01/2021 07/01/2021 10/01/2021 01/01/2022 04/01/2022 07/01/2022 woes 10/01/2022 docx Decrease in Balance Lease Balance $ 15,500 15,276 < Prev 3 of 6 Next > Check my work