Eye Deal Optometry leased vision$-$testing equipment from Insight Machines on January $1,2024.$ Insight Machines manufactured the equipment at a cost of $$200,000$ and lists a cash selling price of $$250,177.$ Appropriate adjusting entries are made quarterly.

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 $5$ years $(20$ quarterly periods$)$

Quarterly lease payments $$15,000$ at January $1,2024,$ and at March $31,$ June $30,$ September $30,$ and December $31$ thereafter

Economic life of asset $5$ years

Interest rate charged by the lessor $8\%$

Required:

Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January $1,2024,$ and on March $31,2024.$

Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January $1,2024,$ and on March $31,2024.$

Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January $1,2024,$ and on March $31,2024.$

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 answer to the nearest whole dollar.

Journal entry worksheet

Record the beginning of the lease for Eye Deal.

Note: Enter debits before credits.

Date General Journal Debit Credit

January $01,2024$ Record the lease payment made by Eye Deal on January $1,2024.$

Note: Enter debits before credits.

Date General Journal Debit Credit

January $01,2024$

Record the lease payment made by Eye Deal on March $31,2024.$

Note: Enter debits before credits.

Date General Journal Debit Credit

March $31,2024$