Question: please answer in the same format will up vote Exercise 15-6 (Algo) Finance lease; lessee [LO15-2] Manufacturers Southern leased high-tech electronic equipment from Edison Leasing
Exercise 15-6 (Algo) Finance lease; lessee [LO15-2] 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 $136,768. (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.) Required: Prepare a lease amorization schedule and appropriate entries for Manufacturers Southem 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 stroight-line basis. Complete this question by entering your answers in the tabs below. 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)
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