Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1,2024. Edison purchased the...
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Manufacturers Southern leased hightech electronic equipment from Edison Leasing on January Edison purchased the equipment from International Machines at a cost of $ Note: Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $ Related Information: Lease term years quarterly periods Quarterly rental payments $ at the beginning of each period Economic life of asset years Fair value of asset $ Implicit interest rate Also lessees incremental borrowing rate Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January Amortization is recorded at the end of each fiscal year December on a straightline basis. 
Manufacturers Southern leased hightech electronic equipment from Edison Leasing on January Edison purchased the equipment from International Machines at a cost of $
Note: Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
Related Information:
Lease term years quarterly periods
Quarterly rental payments $ at the beginning of each period
Economic life of asset years
Fair value of asset $
Implicit interest rate Also lessees incremental borrowing rate
Required:
Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January Amortization is recorded at the end of each fiscal year December on a straightline basis.
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