Grichuk Power leased high-tech electronic equipment from KoltenLeasing on January 1, 2018. Kolten purchased the equipment fromWong Machines at a cost of $250,000, its fair value. (FV of $1, PVof $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Useappropriate factor(s) from the tables provided.) RelatedInformation: Lease term 2 years (8 quarterly periods) Quarterlylease payments $15,000 at Jan. 1, 2018, and at Mar. 31, June 30,Sept. 30, and Dec. 31 thereafter. Economic life of asset 5 yearsInterest rate charged by the lessor 8% Required: Prepare a leaseamortization schedule and appropriate entries for Grichuk Powerfrom the commencement of the lease through December 31, 2018.December 31 is the fiscal year end for each company. Appropriateadjusting entries are recorded at the end of each quarter.

Amort Schedule

General Journal

Prepare a lease amortization schedule for the term of the leasefor Grichuk Power from the commencement of the lease throughDecember 31, 2018. December 31 is the fiscal year end for eachcompany. (Round your intermediate calculations to the nearest wholedollar amount. Enter all amounts as positive values.)

	Payment Date Lease Payments Effective Interest Decrease in Balance Lease 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 $0 $0 $0

journal entries:

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

2)Record the quarterly rental paid by Grichuk Power.

3)Record the quarterly rental and interest paid by GrichukPower.

4 ) Record the amortization of Right-of-use equipment forGrichuk Power.