10 7.69 points Natick Industries leased high-tech instruments from Framingham Leasing on January 1, 2021. Natick has the option to renew the lease at the end of two years for an additional three years. Natick is subject to a $40,000 penalty after two years if it fails to renew the lease. Framingham Ledsing purchased the equipment from Waltham Machines at a cost of $333,569. (FV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Lease renewal option for an additional Quarterly lease payments Economic life of asset eBook Interest rate charged by the lessor 2 years (8 quarterly periods) 3 years (12 quarterly periods) $20,000 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. 5 years 84 Hint References Required: Prepare appropriate entries for Natick Industries from the beginning of the lease through March 31, 2021. Appropriate adjusting entries are made quarterly. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 2 3 4 1 Record the beginning of the lease for Natick Industries. Note: Enter debits before credits Date January 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal Economic life of asset Interest rate charged by the lessor Required: $20,000 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. 5 years 8% Prepare appropriate entries for Natick Industries from the beginning of the lease through March 31, 2021. Appropriate adjusting entries are made quarterly. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answers to the nearest whole dollar.). View transaction list Journal entry worksheet < 1 2 3 4 Record the lease payment for Natick industries. Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal < Prev 10 of 13 Next > renewal option for an additional Quarterly lease payments Economic life of asset. Interest rate charged by the lessor (8 quarterly periods) 3 years (12 quarterly periods) $20,000 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 ther 5 years 8% Required: Prepare appropriate entries for Natick Industries from the beginning of the lease through March 31, 2021. Appropriate adjusting entries are made quarterly. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet < 1 2 4 Record the lease payment for Natick Industries. Note: Enter debits before credits. Date March 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal < Prev 10 of 13 Next > EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) quipment from Waltham Machines at a cost of $333,569. (FV of $1. PV of $1. EVA of penalty after two years if it fails to renew Related Information: Lease term Lease renewal option for an additional Quarterly lease payments Economic life of asset Interest rate charged by the lessor Required: 2 years (8 quarterly periods) 3 years (12 quarterly periods) $20,000 at Jan. 1, 2821, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. 5 years 8% Prepare appropriate entries for Natick Industries from the beginning of the lease through March 31, 2021. Appropriate adjusting entries are made quarterly. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet < 1 2 3 4 Record amortization of the right-of-use asset for Natick Industries. Note: Enter debits before credits. Date March 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal