Exercise $15-18($ Algo$)$ Short$-$term lease LO$15-5]$ Chance Enterprises leased equipment from Third Bank Leasing on January $1,2024$ Chance elected the short$-$term lease option Appropriate adjusting entries are made annually Related Information Lease term Monthly lease payments Economic life of asset Interest rate charged by the lessor $0^1$ years $(12$ monthly periods$)$ on January $1,2024,$ through December $1,2024$ years Required: Prepare appropriate entries for Chance from the beginning of the lease through April $1,2024$ Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. View transaction list View entry worksheet No DateGeneral Journal Debit Credit January $012024$ Lease expense$68,000$ Cash $68,000$