General Journal:

1. 01/01/21: Record the beginning of the lease for Baillie Power.

2. 01/01/21: Record the quarterly lease payment made by Baillie Power.

3. 03/31/21: Record the quarterly lease payment made by Baillie Power.

4. 03/31/21: Record amortization of the right-of-use asset for Baillie Power.

5. 06/30/21: Record the quarterly lease payment made by Baillie Power.

6. 06/30/21: Record amortization of the right-of-use asset for Baillie Power.

7. 09/30/21: Record the quarterly lease payment made by Baillie Power.

8. 09/30/21: Record amortization of the right-of-use asset for Baillie Power.

9. 12/31/21: Record the quarterly lease payment made by Baillie Power.

10. 12/31/21: Record amortization of the right-of-use asset for Baillie Power.

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 $255,500, 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 an Quarterly lease payments Economic life of asset Interest rate charged by the lessor 2 years (8 quarterly periods) $20,500 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, thereafter 5 years 8% 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 03/31/2021 06/30/2021 09/30/2021 12/31/2021 03/31/2022 06/30/2022 09/30/2022 Total