7 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 $55.000 penalty after two years if it falls to renew the lease. Framingham Leasing purchased the equipment from Waltham Machines at a cost of $466,997 (EV L$1. PV of $1. FVA of $1. PVA OL$1. EVAD OF $1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.) 2 100 Related Information: Lease tera Lease renewal option for an additional Quarterly lease payments Economic life of asset Interest rate charged by the lessor 2 years (8 quarterly periods) 3 years (12 quarterly periods) $28,000 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter 5 year's BX Hist Required: Prepare appropriate entries for Notick 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 transactions Journal entry worksheet 1 2 5 > Record the beginning of the lease for Naik Industries Note te detit beloner "No journal entry required" in the first account field. Round your intermediate calculation answers to the nearest whole dollar.) int View transaction list rences EX 1 Record the beginning of the lease for Natick Industries. 2 Record the lease payment for Natick Industries . 3 Record the lease payment for Natick Industries. 4 Record amortization of the right of use asset for Natick Industries. Credit Note: - Journal entry has been entered Record entry Clear entry View general Journal