Hello,Need help with the attached, thank you. Exercise 15-7 (Algo) Sales-type lease with no selling profit; lessor [LO15-2]Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased theequipment 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) (Useappropriate factor(s) from the tables provided.)Related Information:Lease termQuarterly rental paymentsEconomic life of assetFair value of assetImplicit interest rate(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.AmortSchedulePrepare the appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year endsDecember 31. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest wholedollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)View transaction list12GeneralJournal3Record the lease.Record cash received.7Record cash received.4 Record cash received.5 Record cash received.6 Record accrued interest.2 years (8 quarterly periods)$17,000 at the beginning of each period2 years$127,0248%Record cash received.Note : ● = journal entry has been enteredClear entryRecord entryXICreditView general journal>Show less A Exercise 15-7 (Algo) Sales-type lease with no selling profit; lessor [LO15-2]Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased theequipment 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) (Useappropriate factor(s) from the tables provided.)Related Information:Lease termQuarterly rental paymentsEconomic life of assetFair value of assetImplicit interest rate(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.AmortSchedulePayment DatePrepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2022. Edison'sfiscal year ends December 31. (Round your intermediate and final answers to the nearest whole dollar. Enter all amounts aspositive values.)01/01/202101/01/202104/01/202107/01/202110/01/202101/01/202204/01/202207/01/202210/01/2022GeneralJournalTotal2 years (8 quarterly periods)$17,000 at the beginning of each period2 years$127,8248%LeasePaymentsEffectiveInterestDecrease inBalance< Amort ScheduleLease BalanceGeneral Journal >

Amortization Schedule- An amortization schedule, often known an amortization table, spells out…

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 Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) $17,000 at the beginning of each period 2 years $127,024 8% 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.

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 Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) $17,000 at the beginning of each period 2 years $127,024 8% 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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