On January $1,2024,$ Taco King leased retail space from Fogelman Properties. The $10-$year finance lease requires quarterly variable lease payments equal to $\backslash (3\backslash \%\backslash )$ of Taco King's sales revenue, with a quarterly sales minimum of $\backslash$$$440,000.$ Payments at the beginning of each quarter are based on previous quarter sales. During the previous five$-$year period, Taco King has generated quarterly sales of over $\backslash$$$670,000.$ Fogelman's interest rate, known by Taco King, was $4\backslash \%.$

Note: Use Excel, or a financial calculator.

Required:

$1.$ Prepare the journal entries for Taco King at the beginning of the lease on January $1,2024.$

$2.$ Prepare the journal entries for Taco King on April $1,2024.$ First quarter sales were $\backslash (\backslash$$ $680,000\backslash ).$ Amortization is recorded quarterly.