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 $$15,000$ at Jan. $1,2021,$ through Dec. $1,2021.$

Economic life of asset $5$ years

Interest rate charged by the lessor $8\%$

Required:

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 dollar amount.$)$