Eye Deal Optometry leased vision$-$testing equipment from Insight Machines on January $1,2024.$ Insight Machines manufactured the equipment at a cost of $$390,000$ and lists a cash selling price of $$533,111.$ Appropriate adjusting entries are made quarterly.

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

$12\mathrm{.}5$

points

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

Interest rate charged by the lessor $$29,250$ thereafter $5$ years $4\%$

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 $1$

Required $2$

Prepare appropriate entries for Eye 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 nearest whole dollar.

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$\backslash$table$[[,$No$,$Date,General Journal,Debit,Credit$],[-,1,$January $01,2024,$Right$-$of$-$use asset,$533,111,],[,,$Lease payable,,$533,111],[0,2,$January $01,2024,$Lease payable,$29,250,],[,-,$Cash,,$29,250],[,-,,,],[,3,$March $31,2024,$Lease payable,,$]]$