Baillie Power leased hightech electronic equipment from Courtney Leasing on January Courtney purchased the equipment from Doane Machines at a cost of $ its fair value.
Note: Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
Related Information:
Lease term years quarterly periods
Quarterly lease payments $ on January and on March June September and December thereafter
Economic life of asset years
Interest rate charged by the lessor
Required:
Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December December is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter.
