Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2018. Edison purchased the equipment from International Machines at a cost of $139,107. Related Information:

Lease term 2 years (8 quarterly periods)
Quarterly rental payments $18,000 at the beginning of each period
Economic life of asset 2 years
Fair value of asset $139,107
Implicit interest rate 4% (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, 2019. Edison’s fiscal year ends December 31.

Amortization table

Opening liabilityInstallmentsInterest Principal payment Closing liability

139,108                    18000          1211         16788.92498                122,319  

122,319                    18000          104316956.81423                105,362  

105,362                    18000          873  17126.38238                 88,235  

88,235                      18000          70217297.6462                 70,938  

70,938                    18000          52917470.62266                 53,467  

53,467                    18000          35417645.32889                 35,822  

35,822                    18000          178  17821.78218                 18,000  

18,000                       18000            0                   0                                   0

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