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 $252,000, its fair value.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 $252,000, 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: lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31,

December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter.

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 dollar.

Journal entry worksheet

Record the beginning of the lease for Baillie Power.

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)

Related Information:

Lease term 2 years (8 quarterly periods)

Quarterly lease payments $17,000 on January 1, 2024, and on March 31, June 30, September 30, and December 31 thereafter

Economic life of asset 5 years

Interest rate charged by the lessor 12%

Required:

A lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 2024. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter.

1)Record the beginning of the lease for Baillie Power.

2)Record the quarterly lease payment made by Baillie Power.

3)Record the quarterly lease payment made by Baillie Power.

4)Record the amortization for Baillie Power.

5)Record the quarterly lease payment made by Baillie Power.

6)Record the amortization for Baillie Power.

7)Record the quarterly lease payment made by Baillie Power.

8)Record the amortization for Baillie Power.

9)Record the quarterly lease payment made by Baillie Power.

10)Record the amortization for Baillie Power.

 

Transcribed Image Text:

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 $252,000, 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) Related Information: Lease term Quarterly lease payments 2 years (8 quarterly periods) $17,000 on January 1, 2024, and on March 31, June 30, September 30, and December 31 thereafter Interest rate charged by the lessor 5 12% years Economic life of asset Required: Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 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. Amortization Schedule General Journal 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 dollar. 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. Show less 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 $252,000, 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) Related Information: Lease term Quarterly lease payments 2 years (8 quarterly periods) $17,000 on January 1, 2024, and on March 31, June 30, September 30, and December 31 thereafter Interest rate charged by the lessor 5 12% years Economic life of asset Required: Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 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. Amortization Schedule General Journal 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 dollar. 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. Show less