Exercise $15-16($Algo$)$ Lessee; operating lease $[$LO$15-4]$

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 $$254,500,$ 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)$

Required:

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

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

Answer is not complete.

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

Amortization

General

Schedule

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.