1. Record the beginning of the lease for Chance

2. Record the lease payment made by Chance

3. Record the lease payment made by Chance

4. Record the lease payment made by Chance

5. Record the lease payment made by Chance

Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2021. Chance elected the short-term lease option. Appropriate adjusting entries are made annually. Related Information: Lease term Monthly lease payments Economic life of asset Interest rate charged by the lessor 1 year (12 monthly periods) $48,000 at Jan. 1, 2021, through Dec. 1, 2021. 5 years 9% Required: Prepare appropriate entries for Chance from the beginning of the lease through April 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amount.)