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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 $127.024. (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) $17,000 at the beginning of each period 2 years $127.024 8x 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 $ 17,000 17,000 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 $ 34,000 $ 0 $ 0 Amunt Schedules General Journal > Date General Journal Debit Credit No 1 January 01, 2021 Right-of-use asset Lease payable 2 January 01, 2021 Lease payable Cash 3 April 01, 2021 Interest expense Lease payable Cash 4 July 01, 2021 Interest expense Lease payable Cash 5 October 01, 2021 Interest expense Lease payable Cash 6 December 31, 2021 Interest expense Interest payable 7 December 31, 2021 Amortization expense Right-of-use asset 8 January 01, 2022 Interest payable Lease payable Cash

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