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 $250,500, 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 2 years (8 quarterly periods) $15,500 at Jan. 1, 2018, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. 5 years Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor 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. Complete this question by entering your answers in the tabs belovw General Journal Amort Schedule General Journal Amort Schedule Prepare a lease amortization schedule for the term of the lease for Grichuk Power from the through December 31, 2018. December 31 is the fiscal year end for each company. (Enter Decrease in Lease Balance Balance Effective Lease Payment Date Payments Interest $112,069 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 General Journal Amort Schedule View transaction list Journal entry worksheet 2 3 4 Record the quarterly rental and interest paid by Grichuk Power. Note: Enter debits before credits. Date General Journal Debit March 31, 2018