Problem $15-13($Algo$)$ Lessee and lessor; lessor; sales$-$type lease with selling profit; residual value $[$LO$15-2,15-3]$ Newton Labs leased chronometers from Brookline Instruments on January $1,2024.$ Brookline Instruments manufactured the chronometers at a cost of $$220,000.$ The chronometers have a fair value of $$252,049.$ Appropriate adjusting entries are made quarterly. Related Information:Lease term$5$ years $(20$ quarterly periods$)$Quarterly lease payments$ $16,002$ at January $1,2024,$ and at March $31,$ June $30,$ September $30,$ and December $31$ thereafter.Economic life of asset$6$ yearsEstimated residual value of chronometers at end of lease term$ $12,351$Interest rate charged by the lessor$12\%$ 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 Newton Labs to record the arrangement at its commencement, January $1,2024,$ and on March $31,2024.$ Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January $1,2024,$ and on March $31,2024.$