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

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Accounting

Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1,2024. Edison purchased the equipment from International Machines at a cost of $125,370.
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 $ 125,370
Implicit interest rate (Also lessees incremental borrowing rate)6%
Required:
Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1,2025. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis.

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