Required information Problem $15-11($Algo$)$ Lessee; renewal option $[$LO$15-2,15-6]$ Skip to question $[$The following information applies to the questions displayed below.$]$ High Time Tours leased rock$-$climbing equipment from Adventures Leasing on January $1,2024.$ High Time has the option to renew the lease at the end of two years for an additional three years for $$8,700$ per quarter. Adventures purchased the equipment at a cost of $$214,916.$ 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)$ Related Information:$$ Lease term$2$ years $(8$ quarterly periods$)$ Lease renewal option for an additional$3$ years at $$8,700$ per quarter Quarterly lease payments$$ $ $16,500$ at January $1,2024,$ and at March $31,$ June $30,$ September $30,$ and December $31$ thereafter. Economic life of asset$5$ years Interest rate charged by the lessor$10\%$ Required: $1.$ Prepare appropriate entries for High Time Tours from the beginning of the lease through March $31,2024.$ Appropriate adjusting entries are made quarterly. Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your intermediate and final answers to nearest whole dollar. Complete this question by entering your answers in the tabs below. Required $1$ Required $2$ Required $3$ Required $4$ Prepare the journal entries by $($a$)$ McWherter and $($b$)$ Blanton to record interest on December $31,2024($at the effective rate$).$ Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$$Do not round intermediate calculations.$$Enter your answers in whole dollars. $$