Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2024. Chance elected the short-term lease option. Appropriate adjusting entries are made annually. Related Information: Lease term 1 years (12 monthly periods) Monthly lease payments $80,000 Economic life of asset Interest rate charged by the lessor 5 10% on January 1, 2024, through December 1, 2024. years Required: Prepare appropriate entries for Chance from the beginning of the lease through April 1, 2024