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)$

Required:

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

January $01,2024$ Record the beginning of the lease for Eye Deal

January $01,2024$ Record the lease payment made by eyedeal

March $31,2024$ Record the lease payment made by Eye deal on March $31,2024$

March $31,2024$ Record the amortization for Eye Deal

Required $2$

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

January $01,2024$ Record the beginning pf the lease for insight Machine

January $01,2024$ Record the lease payment received by Insight Machines on January $1,2024$

March $31,2024$ Record the lease payment recieved by Insight Machines $2024$