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Newton Labs leased chronometers from Brookline Instruments on January 1,2024. Brookline Instruments manufactured the chronometers at a cost of $170,000. The chronometers have a fair value of $194,763. Appropriate adjusting entries are made quarterly.
\table[[Related Information:,],[Lease term,5 years (20 quarterly periods)],[Quarterly lease payments,$12,365 at January 1,2024, and at March 31, June],[Economic life of asset,30, September 30, and December 31 thereafter.],[Estimated residual value of chronometers at end of,6 years],[lease term,$9,544
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