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Baillie Power leased high$-$tech electronic equipment from Courtney Leasing on

January $1,2024.$ Courtney purchased the equipment from Doane Machines at a cost

of $$251,000,$ its fair value.

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of

$$1,$ FVAD of $$1$ and PVAD of $$1)$

Related Information:

Lease term $2$ years $(8$ quarterly periods$)$

Quarterly lease payments on January $1,2024,$ and on $1$

Quarterly lease payments $$16,000$ December $31$ thereafter

Interest rate charged by the lessor

$5$ years

$4\%$

Required:

Prepare a lease amortization schedule and appropriate entries for Baillie Power from

the beginning of the lease through December $31,2024.$ December $31$ is the fiscal year

end for each company. Appropriate adjusting entries are recorded at the end of each

quarter.

Complete this question by entering your answers in the tabs below.

Amortization

General

Schedule

Journal

Record the appropriate adjusting entries at the end of each quarter for Baillie Power from

January $1,2024.$ December $31$ is the fiscal year end for each company.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in $t$

calculations and final answers to the nearest whole dollar.

Journal entry worksheet

$1,2,3,4,5,6$

Record the beginning of the lease for Baillie Power.

Vote: Enter debits before credits.

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