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

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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 $124,782.

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 $ 16,700 at the beginning of each period
Economic life of asset 2 years
Fair value of asset $ 124,782
Implicit interest rate (Also lessees incremental borrowing rate) 8%

Required:

Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2025. Edisons fiscal year ends December 31.

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