$1$Record the beginning of the lease for Baillie Power.

$2$Record the quarterly lease payment made by Baillie Power.

$3$Record the quarterly lease payment made by Baillie Power.

$4$Record the amortization for Baillie Power.

$5$Record the quarterly lease payment made by Baillie Power.

$6$Record the amortization for Baillie Power.

$7$Record the quarterly lease payment made by Baillie Power.

$8$Record the amortization for Baillie Power.

$9$Record the quarterly lease payment made by Baillie Power.

$10$Record the amortization for Baillie Power.

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 $$257,000,$ 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 $$22,000$ 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.