Exercise 15-16 (Algo) Lessee; operating lease [LO15-4] 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 $253,500, its fair value. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term 2 years (8 quarterly periods) $18,500 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and 31 thereafter Quarterly lease payments Economic life of asset Interest rate charged by the lessor 5 years 12% 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 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 Payments Effective Interest Decrease in Balance Lease Balance 01/01/2021 1,982 03/31/2021 06/30/2021 18,500 18,500 18,500 18,500 18,500 18,500 16,518 14,748 13,168 11,757 10,497 3,752 5,332 6,743 8,003 (3,752) (9,084) (15,827) (23,830) 09/30/2021 12/31/2021 (715) 03/31/2022 06/30/2022 09/30/2022 Total $ 111,000 $ 65,973 $ 25,812 Amort Schedule General Journal > Amort Schedule General Journal Record the appropriate adjusting entries at the end of each quarter for Baillie Power from the commencement of the lease through January 1, 2021. December 31 is the fiscal year end for each company. (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.) Show less A View transaction list View journal entry worksheet x No Date General Journal Debit Credit 1 January 01, 2021 Right-of-use asset Lease payable 2 January 01, 2021 Lease payable 18,500 Cash 18,500 3 March 31, 2021 Lease payable