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 $250,000, 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 Quarterly lease payments Economic life of asset Interest rate charged by the lessor 2 years (8 quarterly periods ) $15,000 at Jan. 1, 2018, and at Mar. 31, June 30, Sept. 30, and Dec. 31 5 years 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. Amort Schedule General Journal Prepare a lease amortization schedule for the term of the lease for Grichuk Power from the commencement of the lease through December 31, 2018. December 31 is the fiscal year end for each company. (Round your intermediate calculations to the nearest whole dollar amount. Enter all amounts as positive values.) Payment Date Lease Payments Effective Interest Decrease in Balance $ $ $ 01/01/2018 04/01/2018 15,000 13,058 07/01/2018 13.320 10/01/2018 Lease Balance 112,080 97,080 84,022 70,702 57,116 43,258 29,123 14,705 0 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 120,000 01/01/2019 1,942 1,680 1,414 1,142 865 582 295 7,920 13,586 13,858 14,135 04/01/2019 07/01/2019 14,418 10/01/2019 14,705 112080 Total $ $ $ Amort Schedule General Journal > 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. Round your intermediate calculations to the nearest whole dollar amount.) Show less No Date General Journal Debit Credit 112,080 January 01, 2018 Right-of-use asset Lease payable 112,080 15,000 January 01, 2018 Lease payable Cash 15,000 3 March 31, 2018 Interest expense Lease payable Cash 1,942 13,058 15,000 4 March 31, 2018 15,000 > Amortization expense Right-of-use asset 15,000