Charles River Hospital leased medical equipment from Plymouth Industries on January 1, 2021. Plymouth Industries manufactured the equipment at a cost of $600,000. The equipment has a fair value of $750,654. Appropriate adjusting entries are made quarterly. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly lease payments Economic life of asset Residual value at end of lease term Interest rate charged by the lessor 5 years (20 quarterly periods) $43,641 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. 6 years $33,684 8% Required: 1. Prepare appropriate journal entries for Charles River Hospital to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021. 2. Prepare appropriate journal entries for Plymouth Industries to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare appropriate journal entries for Charles River Hospital to record the arrangement at its commencement, January 1, 2021, and on March 31, 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 amounts.) View transaction list Journal entry worksheet Record the beginning of the lease for Charles River. Note: Enter debits before credits. Date General Journal Debit Credit