COTB Exercise $15-3($Algo$)$ Lessee and lessor; sales$-$type lease with selling profit $[$LO$15-2,15-3]$

Company A leased equipment from Company B on January $1$ of the current year. Company B manufactured the equipment at a cost of $$240,000$ and lists a cash selling price of $$328,068.$ 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)$$$18,000$yearsInterest rate charged by the lessor$4\%$

Required:

Prepare appropriate entries for Company A to record the arrangement at its beginning, January $1,$ current year, and on March $31,$ current year.

Prepare appropriate entries for Company B to record the arrangement at its beginning, January $1,$ current year, and on March $31,$ current year.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Prepare appropriate entries for Company A to record the arrangement at its beginning, January $1,$ current year, and on March $31,$ current year.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your$-$intermediate