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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 $$8,900$ per quarter. Adventures purchased the equipment at a cost of $$217,046.$

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$\backslash$table$[[$Related Information:,$2$ years $(8$ quarterly periods$)],[$Lease term,$3$ years at $$8,900$ per quarter$],[$Lease renewal option for an additional,$$16,500$ at January $1,2024,$ and at March $31,$ June $30,$ September$],[$Quarterly lease payments,and December $31$ thereafter.$],[,5$ years$],[$Economic life of asset,$12\%$