Business, 01.07.2020 15:01, nani122

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 $113,515. (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$15,700 at the beginning of each periodEconomic life of asset 2 yearsFair value of asset $113,515Implicit interest rate 12%
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.

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