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 $251,500, its fair value. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) See Bottom Journal Entry Please. I'm stuck on what to put/how to calculate for the last two entries) Thank you!!!

Related Information:
Lease term	2 years (8 quarterly periods)
Quarterly lease payments	$16,500 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	8%

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.

Payment Date	Lease Payments	Effective interest	Decrease in Balance	Lease Balan.
1/1/18	16500		16500	123288
4/1/18	16500	2136	14364	106788
7/1/18	16500	1848	14652	92424
10/1/18	16500	1555	14945	62827
1/1/19	16500	1257	15243	47584
4/1/19	16500	952	15548	32036
7/1/19	16500	641	15859	16177
10/1/19	16500	323	16177	0
total	132000	8712	123288

Journal Entries *** Help!! 1/1/18

Right-of-use Asset	123288
Lease Payable		123288
1/1/18
Lease Payable	16500
Cash		16500
3/31/18
Interest Expense	??????
Lease Payable	??????
Cash		16500
Amortization Expense	??????
Right-of- use Asset		???????