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

from Doane Machines at a cost of $$257,000,$ Its falr value.

Note: Use tables, Excel, or a financlal calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Related Information:

Lease term

$2$ years $(8$ quarterly periods$)$

on January $1,2024,$ and on March $31,$ June $30,$ September $30,$ and December $31$

Quarterly lease payments

thereafter

Economic life of asset

$$22,800$

years

Interest rate charged by the lessor $12\%$

Requlred:

Prepare a lease amortization schedule and approprlate entrles for Baillie Power from the beginning of the lease through December $31,$

December $31$ is the fiscal year end for each company. Approprlate adjusting entrles are recorded at the end of each quarter.

Complete this question by entering your answers in the tabs below.

Amortization

Schedule

Prepare a lease amortization schedule.

Note: Round your intermediate calculations and final answers to the nearest whole dollar. Enter all amounts as positive

values.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 $$257,000,$ 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 $2$ years $(8$ quarterly periods$)$

Quarterly lease payments $$22,000$ on January $1,2024,$ and on March $31,$ June $30,$ September $30,$ and December $31$ 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 $31,2024.$ December $31$ is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter.