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 $258,000, 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	$23,000 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	8%

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.

1) Amort Schedule: Prepare a lease amortization schedule. (Round your intermediate calculations and final answers to the nearest whole dollar. Enter all amounts as positive values.)

2) General Journal: 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.)

Note: solve with explanation

Amort Schedule 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.) Payment Date Lease Payments Effective Interest Decrease in Balance Lease Balance 01/01/2021 03/31/2021 06/30/2021 09/30/2021 12/31/2021 03/31/2022 06/30/2022 09/30/2022 Total $ 0 $ 0 $ 0 Scneaule 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 less View transaction list View journal entry worksheet :X Debit Credit Record the beginning of the lease for Baillie Power. Record the quarterly lease payment made by Baillie Power. Record the quarterly lease payment made by Baillie Power. Record amortization of the right-of-use asset for Baillie Power. Record the quarterly lease payment made by Baillie Power. Record amortization of the right-of-use asset for Baillie Power. Scneaule 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 less View transaction list View journal entry worksheet X Debit Y Credit Record amortization of the right-of-use asset for Baillie Power. Record the quarterly lease payment made by Baillie Power. Record amortization of the right-of-use asset for Baillie Power. Record the quarterly lease payment made by Baillie Power. Record amortization of the right-of-use asset for Baillie Power