Exercise $15-11($Algo$)$ Lessee and lessor; soles$-$type lease with selling profit $[$LO$15-2,15-3]$

Eye Deal Optometry leased vision$-$testing equipment from Insight Machines on January $1,2024.$ Insight Machines manufactured the equipment at a cost of $$320,000$ and lists a cash selling price of $$437,424.$ Appropriate adjusting entries are made quarterly.

Note: Use sables, Excel, or s financisl calculstor. EV of $51$ PV ofSL EVA olSL PVA of $51$ FVAD of $51$ and PVAD of $51)$

Related Informationd

Lease term

Quarterly lease payments

Economic life of asset

Interest rate charged by the lessor

Required:

Prepare appropriate entries for Eye Deal to record the arrangement at is beginning. January $1.2024,$ and on March $31,2024.$

Prepare appropriate entries for Insight Machines to record the arrangement at is beginning. January $1,2024,$ and on March $31.2024.$