Check my work Hewton Labs leased chronometers from Brookline Instruments on January 1, 2021. Brookline Instruments manufactured the Chronometers at a cost of $250,000. The chronometers have a fair value of $312,726. 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 5 years (20 quarterly periods) Quarterly lease payments $18,184 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. Economic life of asset 6 years Estimated residual value of chronometers at end of lease term "$14,035 Interest rate charged by the lessor Required: 1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021 2. Prepare appropriate entries for Brookline Instruments 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 entries for Newton Labs to record the arrangement at its commencement, January 1, 2021, and on March 31. 20 Check my work Required 1 Required 2 Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2021, and on March 31, 20 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate a final answers to nearest whole dollar.) View transaction list Journal entry worksheet 2 3 4 Record the beginning of the lease for Newton Labs. Note: Enter debits before credits Date General Journal Debit Credit January 01, 2021