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Requirement 2: General Journal

--- Prepare the appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edisons fiscal year ends December 31. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1. 1/1/21 Record the lease.

2. 1/1/21 Record cash received.

3. 4/1/21 Record cash received.

4. 7/1/21 Record cash received.

5. 10/1/21 Record cash received.

6. 12/31/21 Record accrued interest.

7. 1/1/22 Record cash received.

Edison Leasing leased high-tech electronic equipment to Manufacturers Southern 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 2 years (8 quarterly periods) $17,000 at the beginning of Quarterly rental payments each period Economic life of asset 2 years Fair value of asset $127,024 Implicit interest rate 8% (Also lessee's incremental borrowing rate) Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. (Round your intermediate and final answers to the nearest whole dollar. Enter all amounts as positive values.) Show less Payment Lease Effective Decrease Lease Date Payments Interest in Balance Balance 01/01/2021 01/01/2021 04/01/2021 | 10/01/2021 01/01/2022 04/01/2022 | 07/01/2022 | 10/01/2022 Total $ 0 $ 0 $ 0 Amort Schedule General Journal >

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