Balllie Power leased high$-$tech electronlc 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 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

$$15,$ bee thereafter

Economic life of asset

$5$ years

Interest rate charged by the lessor $8\%$

Required:

Prepare a lease amortization schedule and approprlate entrles for Ballle 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

General

Journal

Prepare 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.

Note: 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.

Journal entry worksheet

Record the beginning of the lease for Baillie Power.

Note: Enter debits before credits.