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

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Accounting

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 $119,300.
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 2 years (8 quarterly periods)
Quarterly rental payments $16,500 at the beginning of each period
Economic life of asset 2 years
Fair value of asset $119,300
Implicit interest rate (Also
lessee's incremental borrowing 12%
rate)
Required:
Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1,
Edison's fiscal year ends December 31.
Complete this question by entering your answers in the tabs below.
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.
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