Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2018. Third Bank purchased the equipment at a cost of $1,850,000. Chance elected the short-term lease option. Appropriat Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor 1 year (4 quarterly periods) $74,000 at Jan. 1, 2018, and at Mar. 31, June 30, and Sept. 30. 5 years 7% Required: Prepare appropriate entries for Chance from the beginning of the lease through December 31, 2018. (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.) View transaction list Required: Prepare appropriate entries for Chance from the beginning of the lease through December 31, 2018. (If no entry is requl transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest wh amount.) View transaction list Journal entry worksheet Record the beginning of the lease for Chance. Note: Enter debits before credits. Date General Journal General Journal Debit Credit January 01, 2018 Record entry Clear entry View general journal View transaction list Journal entry worksheet