Baillie Power leased high-tech electronic equipment frim Courtney Leasing on January 1, 2021. Courtney purchased the equipment frim Doane Machinez at a cost of $255,500, its fair value.

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 $255,500, its fair value. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease tern Quarterly lease payments Economic life of asset Interest rate charged by the lessor 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. Amort Schedule Payment Date General Journal Prepare a lease amortization schedule. (Round your intermediate calculations and final answers to the nearest whole dollar. Enter all amounts as positive values.) 01/01/2021 03/31/2021 2 years (8 quarterly periods) $20,500 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. 5 years 8% Lease Payments Effective Interest Decrease in Balance Lease Balance