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Prepare a lease amortization schedule

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Reference no: EM132896911

Question - 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 $253,000, its fair value.

Related Information: Lease term2 years (8 quarterly periods) Quarterly lease payments $18,000 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 there after Economic life of asset 5 years 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.

A- Amort Schedule

B- Journal entry worksheet

-Record the beginning of the lease for Baillie Power.

-Record the quarterly lease payment made by Baillie Power.

-Record the quarterly lease payment made by Baillie Power.

-Record amortization of the right of us assets for Ballie Power.

-Record the quarterly lease payment made by Baillie Power.

-Record amortization of the right of us assets for Ballie Power.

-Record the quarterly lease payment made by Baillie Power.

-Record amortization of the right of us assets for Ballie Power.

-Record the quarterly lease payment made by Baillie Power.

-Record amortization of the right of us assets for Ballie Power.

Reference no: EM132896911

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