- Manufacturers Southern Leased High Tech Electronic Equipment From Edison Leasing On January 1 2021 Edison Purchased Th 1 (48.57 KiB) Viewed 8 times
2. Record lease payment.
3. Record lease payment.
4. Record lease payment.
5. Record lease payment.
6. Record accrued interest.
7. Record amortization of the right-of-use asset forManufacturers Southern.
8. Record lease payment.
Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $168,120. (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) Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization of the right-of-use asset is recorded at the end of each fiscal year (December 31) on a straight-line basis. Complete this question by entering your answers in the tabs below. Amort Schedule Payment Date General Journal Prepare a lease amortization schedule for the term of the lease for Manufacturers Southern. (Round your intermediate calculations and final answers to the nearest whole dollar) 01/01/2021 04/01/2021 07/01/2021 10/01/2021 01/01/2022 04/01/2022 07/01/2022 10/01/2022 Total Lease Payments $ 2 years (8 quarterly periods) $22,500 at the beginning of each period 2 years $168,120 8% 0 $ Effective Interest Decrease in Balance 0 $ 0 Lease Balance
Amort Schedule Record the appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. (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.) General Journal View transaction list Journal entry worksheet < 1 2 Record the beginning of the lease for Manufacturers Southern. 3 4 5 6 7 8 Note: Enter debits before credits. Date January 01, 2021 Record entry General Journal Clear entry Debit Credit View general journal Show less