manufacturers southern leased high tech electronic equipment from edison leasing on 382253

Manufacturers Southern leased high tech electronic equipment from Edison Leasing on January 1, 2011. Edison purchased the equipment from International Machines at a cost of $117,590. Related Information: Lease term: 2 years (8 quarterly periods) Quarterly rental payments: $16,000 at the beginning of each period Economic life of asset: 2 years Fair value of asset: $117,590 Implicit interest rate: 10% (Also lessees incremental borrowing rate) Required: Prepare a lease amortization schedule for the term of the lease. Also record the appropriate entries for Manufacturers Southern from the inception of the lease through January 1, 2012. Depreciation is recorded at the end of each fiscal year (December 31) on a straight line basis. (Round “PV factor” to 5 decimal places. Round your answers to the nearest whole dollar amount. Leave no cells blank be certain to enter “0” wherever required. Input all amounts as positive values. Omit the “$” sign in your response.)