Grichuk Power leased high$-$tech electronic equipment from Kolten Leasing on January $1,2018.$ Kolten purchased the equipment from Compiete tnis question by enter$$ng your answers in the tads de$$ow$.$

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General

Journal

Record the appropriate adjusting entries at the end of each quarter for Grichuk Power from the commencement of 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.$)$

$\backslash$table$[[$No$,$Date,General Journal,Debit,Credit$],[1,$January $01,2018,$Right$-$of$-$use asset,grad,$141,968,],[,$Lease payable,$(2),,141,968],[2,$January $01,2018,$Lease payable,V$,19,000,],[,$Cash,$(2),,19,000],[3,$March $31,2018,$Interest expense,V$,,],[,$Lease payable,$(,,],[,$Cash,$2,,19,000$vv$],[4,$March $31,2018,$Amortization expense,$(,,],[,$Right$-$of$-$use asset,V$,,]]$

Wong Machines at a cost of $$254,000,$ its fair value. $($FV of $$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$)$

Quarterly lease payments $$19,000$ at Jan. $1,2018,$ and at Mar. $31,$ June $30,$ Sept. $30,$ and Dec. $31$ thereafter.

Economic life of asset $5$ years

Interest rate charged by the $8\%$

lessor

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

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.$)$