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Check Newton Labs leased chronometers from Brookline Instruments on January 1, 2021. Brookline Instruments manufactured the chronometers at a cost of $180,000. The chronometers have a fair value of $225,154. Appropriate adjusting entries are made quarterly. (FV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of S1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information Lease term Quarterly lease payments Economie life of asset Estimated residual value of chronometers at end of lease term Interest rate charged by the lessor 5 years (20 quarterly periods) $13,092 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. 6 years $10,105 88 Required: 1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021 2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021. (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.) View transaction list Journal entry worksheet 1 2 3 Record the beginning of the lease for Brookline Instruments Check my Required: 1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021. 2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021. (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.) View transaction list Journal entry worksheet 1 2 3 4 Record the beginning of the lease for Newton Labs. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 eBook Required 1 Required 2 Print Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021. (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.) eferences View transaction list Journal entry worksheet 1 2 3 4 Record the lease payment made by Newton Labs. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 MacBook Pro bok Required 1 Required 2 Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021. (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.) onces View transaction list Journal entry worksheet 1 2 Record the quarterly lease payment made by Newton Labs. Note: Enter debits before credits General Journal Debit Credit Date March 31, 2021 Record the beginning of the lease for Brookline Instruments. Note: Enter debits before credits Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general journal IW MacBook Pro 5 Required 1 Required 2 Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021. (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.) eBook View transaction list Print References Journal entry worksheet Record the lease payment received by Brookline Instruments. Note: Enter debits before credits. Date General Journal Debit Credit March 31, 2021 Record entry Clear entry View general Journal