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Exercise 15-16 (Static) Lessee; operating lease [LO15-4] Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2024. Courtney purchased the equipment from
Exercise 15-16 (Static) Lessee; operating lease [LO15-4] 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 $250,000, 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 , 2024. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter. Exercise 15-16 (Static) Lessee; operating lease [LO15-4] 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 $250,000, 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 , 2024. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter
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