Baillie Power leased high$-$tech electronic equipment from Courtney Leasing on January $1,2021.$ Courtney purchased the equipment from Doane Machines at a cost of $$251,000,$ its fair value. $($FV of $$1,$ PV of $$1,$FVA of $$1$PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)($Useappropriate factors$)$ from the tables provided.$)$Related Information:Lease termQuarterly lease paymentsEconomic life of assetInterest rate charged by the lessor$2$ years $(8$ quarterly periods$)$$$16,000$ at Jan. $1,2021,$ and at Mar. $31,$ June $30,$ Sept. $30,$ and Dec. $31$thereafter$5$ years$4\%$Required:Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December $31,2021.$ 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.AmortScheduleGeneral JournalRecord the appropriate adjusting entries at the end of each quarter for Baillie Power from the commencement of the lease through January $1,2021.$ December $31$ is the fiscal year end for each company. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your intermediate calculations and final answers to the nearest whole dollar.$)$Show less AView transaction listView journal entry worksheet