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Prepare lease amortization schedule and appropriate entries

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Question - 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 $117,131.

Related Information: Lease term 2 years (8 quarterly periods)

Quarterly rental payments $16,200 at the beginning of each period

Economic life of asset 2 years

Fair value of asset $117,131

Implicit interest rate 12% (Also lessee's incremental borrowing rate)

Required - Prepare 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.

Reference no: EM132595685

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