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

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

Economic life of asset at January $1,2024,$ and at March $31,$ June $30,$ September $30,$ and

Interest rate charged by the lessor

$$15,000$ December $31$ thereafter

$5$ years

$8\%$

Required:

Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January $1,2024,$ 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 $1$

Prepare appropriate entries for Insight Machines 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 nearest whole dollar.

$(1)$ Record the beginning of the lease for Insight Machines.

Record the lease payment received by Insight Machines on January $1,2024.$

Record the lease payment received by Insight Machines on March $31,2024.$

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