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	1 year (12 monthly periods)
Monthly lease payments	$72,000 at Jan. 1, 2021, through Dec. 1, 2021.
Economic life of asset	5 years
Interest rate charged by the lessor	6%

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 dolla amount.) View transaction list Journal entry worksheet Record the beginning of the lease for Chance. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 3 4 Record the lease payment made by Chance. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021