Exercise $15-11($Static$)$ Lessee and lessor; sales$-$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 $$200,000$ and lists a cash selling price of $$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

Quarterly lease payments

Economic life of asset

Interest rate charged by the lessorRequired:

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

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

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

Required $1$

Required $2$

Prepare appropriate entries for Eve 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 rearest whole dollar.

Journal entry worksheet

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Rerord the heginning of the lease for Fve Deal.