Scotla Ltd$\text{'}$s Implicit interest rate in this lease is $8\%.$ Columbia Inc.$\text{'}$s Incremental borrowing rate is $9\%.$ Columbla Inc depreclates the leased equipment on a straight$-$line basis. The lease commences on $1$ January $20$X$1.$ Assume that the falr value of the equipment on the open market is greater than the present value of the lease payments.

$($PV of $$1,$ PVA of $$1,$ and PVAD of $$1.)($Use approprlate factor$($s$)$ from the tables provided.$)$

Required:

Prepare a lease liability amortization table for this lease for Columbla Inc. $($Round your final answers to the nearest whole dollar amount. Leave no cell blank. Be certaln to enter $"0"$ wherever requlred.$)$

$\backslash$table$[[$Amortization Table,$],[$Lease Period,$\backslash$table$[[$January $1],[$Balance before$],[$payment$]],\backslash$table$[[$January $1$ Lease$],[$Payment$]],\backslash$table$[[$January Balance$],[$after Lease$],[$Payment$]],$Annual Interest,Ending Balance$],[201,,,,,],[202,,,,,],[203,,,,,],[204,,,,,]]$

$2$ Prepare all entries that Columbla Inc. will record for this lease for $201$ and $202($Round your Intermedlate calculations and final answers to the nearest whole dollar amount. If no entry is required for a transaction$/$event$,$ select $"$No Journal entry requlred" In the first account fleld.$)$

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

Record the commencement of lease.

Record payment of first release installment

record the interest expense

record the depreciation, expense

record the payment of second lease installment

record the interest expense

recorded, depreciation, expense