Eye Deal Optometry leased vision$-$testing equipment from Insight Machines on January $1,2024.$ Insight Machines manufactured the equipment at a cost of $\backslash (\backslash$$ $260,000\backslash )$ and lists a cash selling price of $\backslash (\backslash$$ $298,814\backslash ).$ Appropriate adjusting entries are made quarterly.

Note: Use tables, Excel, or a financial calculator. $($FV of $\backslash$$$1,$ PV of $\backslash$$$1,$ FVA of $\backslash$$$1,$ PVA of $\backslash$$$1,$ FVAD of $\backslash$$$1$ and PVAD of $\backslash$$$1)$

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Related Information:

Lease term $5$ years $(20$ quarterly periods$)$

Quarterly lease payments $\{$$ at January $1,2024,$ and at March $31,$ June $30,$ September $30,$ and December $31$

Economic life of asset $ $5$ers

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Required:

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

$2.$ Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January $1,2024,$ and on March $31,2024.$

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