Exercise 15-22 (Static) Lessee; variable lease payments [LO15-2, 15-6]

please correct what is wrong!

Exercise 15-22 (Static) Lessee; variable lease payments [L015-2, 15-6] On January 1, 2024, Taco King leased retail space from Fogelman Properties. The 10-year finance lease requires quarterly variable lease payments equal to 3% of Taco King's sales revenue, with a quarterly sales minimum of $400,000. Payments at the beginning of each quarter are based on previous quarter sales. During the previous five-year period, Taco King has generated quarterly sales of over $650,000. Fogelman's interest rate, known by Taco King, was 4%. 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) Required: 1. Prepare the journal entries for Taco King at the beginning of the lease on January 1, 2024. 2. Prepare the journal entries for Taco King on April 1, 2024. First quarter sales were $660,000. Amortization is recorded quarterly. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries for Taco King on April 1, 2024. First quarter sales were $660,000. Amortization is recorded quarterly. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amount. No 2 Date April 01, 2024 April 01, 2024 Interest expense Lease expense Lease payable Cash Amortization expense Right-of-use asset General Journal Required 1 Debit 3,860 7,500 6,404 0 9,949 Show less A Credit 17,764 0 9,949 Required 2