Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2021. Courtney purchased the...

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Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2021. Courtney purchased the equipment from Doane Machines at a cost of $257,500, 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: 2 years (8 quarterly periods) $22,500 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 3 thereafter 5 years Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor 8% Required: Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 2021. 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. Amort Schedule General Journal Amort General Schedule Journal Prepare a lease amortization schedule. (Round your intermediate calculations and final answers to the nearest whole dollar. Enter all amounts as positive values.) Effective Decrease in Balance Lease Payment Date Lease Balance Payments Interest 01/01/2021 03/31/2021 06/30/2021. 09/30/2021 12/31/2021 03/31/2022 06/30/2022 09/30/2022 Total January 1, 2021. 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 and final answers to the nearest whole dollar.) Show less A View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Record the beginning of the lease for Baillie Power. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 View ransactlon TIst X: 10 > 2 Record the quarterly lease payment made by Baillie Power. 3 Record the quarterly lease payment made by Baillie Power. 4 Record amortization of the right-of-use asset for Baillie Power. Credit Record the quarterly lease payment made by Baillie Power. 6 Record amortization of the right-of-use asset for Baillie Power. 7 Record the quarterly lease payment made by Baillie Power. Record amortization of the right-of-use asset for Baillie Power. Credit Record the quarterly lease payment made by Baillie Power. 10 Record amortization of the right-of-use asset for Baillie Power. Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2021. Courtney purchased the equipment from Doane Machines at a cost of $257,500, 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: 2 years (8 quarterly periods) $22,500 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 3 thereafter 5 years Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor 8% Required: Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 2021. 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. Amort Schedule General Journal Amort General Schedule Journal Prepare a lease amortization schedule. (Round your intermediate calculations and final answers to the nearest whole dollar. Enter all amounts as positive values.) Effective Decrease in Balance Lease Payment Date Lease Balance Payments Interest 01/01/2021 03/31/2021 06/30/2021. 09/30/2021 12/31/2021 03/31/2022 06/30/2022 09/30/2022 Total January 1, 2021. 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 and final answers to the nearest whole dollar.) Show less A View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Record the beginning of the lease for Baillie Power. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 View ransactlon TIst X: 10 > 2 Record the quarterly lease payment made by Baillie Power. 3 Record the quarterly lease payment made by Baillie Power. 4 Record amortization of the right-of-use asset for Baillie Power. Credit Record the quarterly lease payment made by Baillie Power. 6 Record amortization of the right-of-use asset for Baillie Power. 7 Record the quarterly lease payment made by Baillie Power. Record amortization of the right-of-use asset for Baillie Power. Credit Record the quarterly lease payment made by Baillie Power. 10 Record amortization of the right-of-use asset for Baillie Power. Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2021. Courtney purchased the equipment from Doane Machines at a cost of $257,500, 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: 2 years (8 quarterly periods) $22,500 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 3 thereafter 5 years Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor 8% Required: Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 2021. 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. Amort Schedule General Journal Amort General Schedule Journal Prepare a lease amortization schedule. (Round your intermediate calculations and final answers to the nearest whole dollar. Enter all amounts as positive values.) Effective Decrease in Balance Lease Payment Date Lease Balance Payments Interest 01/01/2021 03/31/2021 06/30/2021. 09/30/2021 12/31/2021 03/31/2022 06/30/2022 09/30/2022 Total January 1, 2021. 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 and final answers to the nearest whole dollar.) Show less A View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Record the beginning of the lease for Baillie Power. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 View ransactlon TIst X: 10 > 2 Record the quarterly lease payment made by Baillie Power. 3 Record the quarterly lease payment made by Baillie Power. 4 Record amortization of the right-of-use asset for Baillie Power. Credit Record the quarterly lease payment made by Baillie Power. 6 Record amortization of the right-of-use asset for Baillie Power. 7 Record the quarterly lease payment made by Baillie Power. Record amortization of the right-of-use asset for Baillie Power. Credit Record the quarterly lease payment made by Baillie Power. 10 Record amortization of the right-of-use asset for Baillie Power. Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2021. Courtney purchased the equipment from Doane Machines at a cost of $257,500, 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: 2 years (8 quarterly periods) $22,500 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 3 thereafter 5 years Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor 8% Required: Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 2021. 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. Amort Schedule General Journal Amort General Schedule Journal Prepare a lease amortization schedule. (Round your intermediate calculations and final answers to the nearest whole dollar. Enter all amounts as positive values.) Effective Decrease in Balance Lease Payment Date Lease Balance Payments Interest 01/01/2021 03/31/2021 06/30/2021. 09/30/2021 12/31/2021 03/31/2022 06/30/2022 09/30/2022 Total January 1, 2021. 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 and final answers to the nearest whole dollar.) Show less A View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Record the beginning of the lease for Baillie Power. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 View ransactlon TIst X: 10 > 2 Record the quarterly lease payment made by Baillie Power. 3 Record the quarterly lease payment made by Baillie Power. 4 Record amortization of the right-of-use asset for Baillie Power. Credit Record the quarterly lease payment made by Baillie Power. 6 Record amortization of the right-of-use asset for Baillie Power. 7 Record the quarterly lease payment made by Baillie Power. Record amortization of the right-of-use asset for Baillie Power. Credit Record the quarterly lease payment made by Baillie Power. 10 Record amortization of the right-of-use asset for Baillie Power.