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I need help with the journal entires for this question Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2024. Courtney purchased
I need help with the journal entires for this question
Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2024. Courtney purchased the equipment from Doane Machines at a cost of $250,500, its fair value. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1,FVAD of $1 and PVAD of $1 ) Required: Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 3 2024. 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. Record the appropriate adjusting entries at the end of each quarter for Baillie Power from the commencement of the lease through January 1, 2024. December 31 is the fiscal year end for each company. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answers to the nearest whole dollarStep by Step Solution
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