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 $$260,000,$ its fair

value. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and

PVAD of $$1)($Use appropriate factor$($s$)$ from the tables provided.$)$

Related Information: Lease term $2$ years $(8$ quarterly periods$)$

Quarterly lease payments $$25,000$ at Jan. $1,2021,$ and at Mar. $31,$

June $30,$ Sept. $30,$ and Dec. $31$ 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 $31,2021.$

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.Record 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