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Grichuk Power leased high-tech electronic equipment from Kolten Leasing on January 1, 2018. Kolten purchased the equipment from Wong Machines at a cost of $257,000, 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: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor 2 years (8 quarterly periods) $22,000 at Jan. 1, 2018, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. 5 years 12% Required: Prepare a lease amortization schedule and appropriate entries for Grichuk Power from the commencement of the lease through December 31, 2018. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Prepare a lease amortization schedule for the term of the lease for Grichuk Power from the commencement of the lease through December 31, 2018. December 31 is the fiscal year end for each company. (Enter all amounts as positive values.) Payment Date Lease Payments Effective Interest Decrease in Balance $ 01/01/2018 04/01/2018 07/01/2018 10/01/2018 01/01/2019 04/01/2019 07/01/2019 10/01/2019 Total 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 176,000 2,741 2,356 1,963 X 1,563 1,154 737 6,420 16,934 22,000 19,259 19,644 20,037 20,437 20,846 21,263 15,580 159,066 Lease Balance 159,066 137,066 117,807 98.163 78,126 57,689 36,843 15,580 0 $ $ $ Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor 2 years (8 quarterly periods) $22,000 at Jan. 1, 2018, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. 5 years 12% Required: Prepare a lease amortization schedule and appropriate entries for Grichuk Power from the commencement of the lease through December 31, 2018. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter. & Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Record the appropriate adjusting entries at the end of each quarter for Grichuk Power from the commencement of the lease through January 1, 2018. 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.) General Journal Credit No 1 Date January 01, 2018 Right-of-use asset Lease payable Debit 159,066 159,066 2 22,000 January 01, 2018 Lease payable Cash 22,000 March 31, 2018 Interest expense Lease payable Cash 2,741 19,259 X 22,000 4 March 31, 2018 22,000 Amortization expense Right-of-use asset 22,000

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