Exercise 15-16 Lessee; operating lease (LO15-4] Grichuk Power leased high-tech electronic equipment from Kolten Leasing on January 1, 2018. Kolten purchased the equipment from Wong Machines at a cost of $259,500, 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 Quarterly lease payments Economic life of asset Interest rate charged by the lessor 2 years (8 quarterly periods) $24, 500 at Jan. 1, 2018, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. 5 years 12% Required: Prepare a lease amortization schedule and appropriate entries for Grichuk Power from the commencement of the lease through December 31, 2018. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter. Required: Prepare a lease amortization schedule and appropriate entries for Grichuk Power from the commencement of the lease through December 31, 2018. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter. Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Prepare a lease amortization schedule for the term of the lease for Grichuk Power from the commencement of the lease through December 31, 2018. December 31 is the fiscal year end for each company. (Enter all amounts as positive values.) Payment Date Lease Payments Effective Interest Decrease in Balance Lease Balance $ 177,142 01/01/2018 04/01/2018 07/01/2018 10/01/2018 01/01/2019 04/01/2019 07/01/2019 10/01/2019 Total $ 0 $ 0 $ 0 Record the appropriate adjusting entries at the end of each quarter for Grichuk Power from the commencement of the lease through January 1, 2018. 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.) View transaction list Journal entry worksheet Record the beginning of the lease for Grichuk Power. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2018 Record entry Clear entry View general journal Record the appropriate adjusting entries at the end of each quarter for Grichuk Power from the commencement of the lease through January 1, 2018. 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.) View transaction list Journal entry worksheet Record the quarterly rental paid by Grichuk Power. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2018 Record entry Clear entry View general journal Record the appropriate adjusting entries at the end of each quarter for Grichuk Power from the commencement of the lease through January 1, 2018. 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.) View transaction list Journal entry worksheet Record the quarterly rental and interest paid by Grichuk Power. Note: Enter debits before credits. Date General Journal Debit Credit March 31, 2018 Record entry Clear entry View general journal Record the appropriate adjusting entries at the end of each quarter for Grichuk Power from the commencement of the lease through January 1, 2018. 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.) View transaction list Journal entry worksheet Record the amortization of Right-of-use equipment for Grichuk Power. Note: Enter debits before credits. Date General Journal Debit Credit March 31, 2018 Record entry Clear entry View general journal