Newton Labs leased chronometers from Brookline Instruments on January 1, 2024. Brookline Instruments manufactured the chronometers at a cost of $160,000. The chronometers have a fair value of $168,591. Appropriate adjusting entries are made quarterly. Note: Use tables, Excel, or a flnanclel calculator. (FV of \$1, PV of \$1. FVA of \$1. PVA of \$1. FVAD of \$1 and PVAD of \$1) Requlred: 1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024 , and on March 31. 2024 2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1 , 2024, and on March 31, 2024. * Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, 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 and final answers to nearest whole dollar
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