Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2024. Courtney purchased the...

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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 $250,000, 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) Related Information: Lease term Quarterly lease payments 2 years (8 quarterly periods) $15,000 on January 1, 2024, and on March 31, June 30, September 30, and December 31 thereafter 5 years Interest rate charged by the lessor 8% Economic life of asset 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 Prepare a lease amortization schedule. Note: 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 $ 112,609 01/01/2024 03/31/2024 $ 15,000 $ 0 15,000 2,897 12,603 (12,603) 06/30/2024 15,000 2,519 12,481 (25,084) 09/30/2024 15,000 2,130 12,870 (37,954) 12/31/2024 15,000 1,729 13,271 (51,225) 03/31/2024 15,000 (1,025) 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 $250,000, 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) Related Information: Lease term Quarterly lease payments 2 years (8 quarterly periods) $15,000 on January 1, 2024, and on March 31, June 30, September 30, and December 31 thereafter 5 years Interest rate charged by the lessor 8% Economic life of asset 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 Prepare a lease amortization schedule. Note: 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 $ 112,609 01/01/2024 03/31/2024 $ 15,000 $ 0 15,000 2,897 12,603 (12,603) 06/30/2024 15,000 2,519 12,481 (25,084) 09/30/2024 15,000 2,130 12,870 (37,954) 12/31/2024 15,000 1,729 13,271 (51,225) 03/31/2024 15,000 (1,025)