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Prepare a lease amortization schedule for the term of the

Problem - 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 $119,552.

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 $119,552

Implicit interest rate 8%

(Also lessee's 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.

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