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 $253,500, 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	2 years (8 quarterly periods)
Quarterly lease payments	$18,500 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 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.

Amort General Journal Schedule 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.) Date Debit Credit General Journal January 01, 2018 Right-of-use asset Lease payable 133,760 133,760 January 01, 2018Lease payable 18,500 Cash 18,500 March 31, 2018 Interest expense 3,458 Lease payable 15,042 Cash 18,500 4 March 31, 2018 Amortization expense Right-of-use asset 57,630 16,720