Question: this is a very long question but any help is appreciated. Exercise 15-6 (Algo) Finance lease;lessee (LO15-2] Manufacturers Southern leased high-tech electronic equipment from Edison
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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 $123.288. (FV of S1. PV of $1. EVA of $1. PVA of $1. EVAD of S1 and PVAD OSD (Use appropriate factor(s) from the tables provided.) Related Information Leane term 2 years ( quarterly periods) Quarterly rental payments $16,500 at the beginning of each period Economie lite of asset 2 years Fair value of asset $12),283 Implicit interest rate (Also less'. Incremental borrowing rate) 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. Complete this question by entering your answers in the tabs below. 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 Complete this question by entering your answers in the tabs below. 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 Lenna 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 Arantul General Journal > X X 1 Record the beginning of the lease for Manufacturers Southern 2 Record lease payment. 3 Record lease payment. 4 Record lease payment. 5 Record lease payment. 6 Record accrued interest. i 7 Record amortization of the right-of-use asset for Manufacturers Southern. 2 Record lease payment. 3 Record lease payment. 4 Record lease payment. 5 Record lease payment. 6 Record accrued interest. U 7 Record amortization of the right-of-use asset for Manufacturers Southern. 8 Record lease payment
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