calculate and prepare a lease amortization schedule

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 $250,000, its fair value (FV of S1, PV of $1. EVA of $1. PVA of $1. FVAD of S1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor 2 years (8 quarterly periods) $15,000 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter 5 years 8X 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 Amort Schedule General Journal A 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 Effective Decrease Lease Payments Interest in Balance Balance 112,080 01/01/2021 5 15,000 $ 1,942 13,058 % 84,022 % 03/31/2021 15,000 1,680 % 13,320 70,702 06/30/2021 15,000 1.414 13,586 57 116 09/30/2021 15,000 1.142 13,858 43,258 12/31/2021 15,000 865 X 14,135 29,123 03/31/2021 15.000 582 14 418 14,705 06/30/2022 15.000 294 14,706 (1) 09/30/2022 15,000 15,001 (1) (2) Total 5 120,000 s 22.920 S 0