Hh1. Baillie Powerlessed high-tech electronic equipment from Courtney Lessing on January 1, 2021. Courtney purchased the equipmentfrom Dosne Machines at a cost of $250,000, its fair value. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Useappropriate factor(s) from the tables provided.)Related Information:Lease terQuarterly lease paymentsEconomic 11of assetInterest rat arged by the lessorRequired:Prepare a lesse 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.AmortScheduleComplete this question by entering your answers in the tabs below.No1Prepare appropriate entries for Baillie Power from the beginning of the lease through December 31, 2021. December 31 is thefiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter. (If no entry isrequired for a transaction/event, select "No journal entry required" in the first account field. Round your intermediatecalculations and final answers to the nearest whole dollar.)23478GeneralJournal10DatsJanuary 01, 2021 Right-of-use assetLease payableJanuary 01, 2021 Lease payabilMarch 31, 2021March 31, 2021June 30, 2021June 30, 2021Lease payableInterest expenseAnswer is complete but not entirely correct.Amortization expenseRight-of-use assetLease payableInterest expenseCashAmortization expenseRight-of-use assetSeptember 30, 20Lease payableInterest expense2 years (8 quarterly periods)$15,080 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 38, and Dec. 31 thereafter5 yearsSeptember 30, 200 Amortization expenseRight-of-use assetDecember 31, 203 Lease payableInterest expenseDecember 31, 202 Amortization expenseRight-of-use assetGeneral JournalOO→>>→333oo✔000303>>Debit112,08015,000000 0013,0581,942→ 14,010•14,01013,320Ⓒ1,680✔→ 14,01013,5861,41413,8581,1421,400Credit112.08015,00015,0001,40115,00014,01015,00014,01015,00014,010Show less

A lease is an arrangement where a lessor agrees to allow a lessee to control the use of the asset…

Balle Powerlessed high-tech electronic equipment from Courtney Lessing on January 1, 2021. Courtney purchased the equipment from Doane Machines at a cost of $250,000, its fair value. EV of $3, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $ (Use appropriate factor(s) from the tables provided.) Related Information: Lease ter Quarterly lease payments Economic 11 of asset Interest rat arged by the lessor 2 years (8 quarterly periods) $15,000 at Jan. 1, 2021, and at Par. 31, June 30, Sept. 30, and Dec. 31 thereafter 5 years Required: Prepare a lesse amortization schedule and appropriate entries for Balle 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.

Balle Powerlessed high-tech electronic equipment from Courtney Lessing on January 1, 2021. Courtney purchased the equipment from Doane Machines at a cost of $250,000, its fair value. EV of $3, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $ (Use appropriate factor(s) from the tables provided.) Related Information: Lease ter Quarterly lease payments Economic 11 of asset Interest rat arged by the lessor 2 years (8 quarterly periods) $15,000 at Jan. 1, 2021, and at Par. 31, June 30, Sept. 30, and Dec. 31 thereafter 5 years Required: Prepare a lesse amortization schedule and appropriate entries for Balle 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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