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 $$259,000,$ 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 $31,2024.$ 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.

Amortization Schedule

General journal