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Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased...

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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 $112,080. \begin{tabular}{l} \hline Page 886 \\ \hline \end{tabular} Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis

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