Baillie Power leased high$-$tech electronic equipment from Courtney Leasing on January $1,2024.$ Courthey purchased the equipment from Doane Machines at a cost of $$255,000,$ its fair value.

Note: Use tables, Excel, or a financlal calculator. $($EV of $$1,$ PV of $$1.$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and RVAD of $$1)$

Related Information:

Lease term

Quarterly lease payments

Economic life of asset

Interest rate charged by the lessor

$2$ years $(8$ quarter ly periods$)$

$$20,000$ on January $1,2024,$ and on March $31,$ June $30,$ September $30,$ and December $31$ thereafter $5$ years

$12x$

Required:

Prepare a lease amorization schedule and appropriate entrles for Ballie Power from the beginning of the lease through December $31,2024.$ December $31$ is the fiscal year end for each company. Approprlate adjusting entries are recorded at the end of each quarter.

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

$\backslash$table$[[$Amortization$],[$Schedule$]]$

$\backslash$table$[[$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.

$\backslash$table$[[$Payment Date,$\backslash$table$[[$Lease$],[$Payments$]],\backslash$table$[[$Effective$],[$Interest$]],\backslash$table$[[$Decrease in$],[$Balance$]],$Lease Balance$],[,,,,],[\frac{01}{01}\frac{?}{2024},,,,],[\frac{03}{31}\frac{?}{2024},,,,],[\frac{06}{30}\frac{?}{2024},,,,],[\frac{09}{30}\frac{?}{2024},,4,,],[\frac{12}{31}\frac{?}{2024},,$A$.,,],[\frac{03}{31}\frac{?}{2025},,,,],[\frac{06}{30}\frac{?}{2025},,,,],[\frac{09}{30}\frac{?}{2025},,,,],[$Total$,,,,]]$