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 S112,080. E 15-16 Lessee, operating lease L015-4 Related Information Lease term Quarterly lease payments 2 years (8 quarterly periods) $15,000 at Jan. 1, 2018, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter 5 years 8% Economic life of asset Interest rate charged by the lessor Required: riate entries for Grichuk Power from the beginning 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