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 Monthly lease payments Economie life of asset Interest rate charged by the lessor 1 year (12 monthly periods) $60,000 at Jan. 1, 2021, through Dec. 1, 2021. 5 years 100 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.) View transaction list Journal entry worksheet 1 2 3 4 5 Record the beginning of the lease for Chance. Note: Enter debits before credits Date January 01, 2021 General Journal Debit Credit