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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 $$252,000,$ 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 $$17,000$ on January $1,2024,$ and on March $31,$ June $30,$ September $30,$ and December $31$ thereafter

Economic life of asset $5$ years

Interest rate charged by the lessor $12\%$

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.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 $$252,000,$ 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)$

Required:

Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December $31,$

December $31$ is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter.

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Amortization

Schedule

General

Journal

Prepare a lease amortization schedule.

Note: Round your intermediate calculations and final answers to the nearest whole dollar. Enter all amounts as positive values.

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