E 15-21 Lessee; variable lease payments ( LO15-2, LO15-6 On January 1, 2024, QuickStream Communications leased telephone equipment from Digium, Inc. Digium's cash selling price for the equipment is $1,306,578. - The lease agreement specifies six annual payments of $300,000 beginning December 31, 2024, and on each December 31 thereafter through 2029. - The six-year lease is equal to the estimated useful life of the equipment. - The contract specifies that lease payments for each year will increase by the higher of (a) the increase in the Consumer Price Index for the preceding year or (b) 3%. - The CPI at the beginning of the lease is 120 . Digium routinely leases equipment to other firms. - The interest rate in these lease arrangements is 10%. Required: Prepare the appropriate journal entries for QuickStream to record the lease at its beginning date of January 1, 2024. E 15-22 Lessee; variable lease payments LO15-2, LO15-6 On January 1, 2024, Taco King leased retail space from Fogelman Properties. The 10-year finance lease requires quarterly variable lease payments equal to 3% of Taco King's sales rev quarterly sales minimum of $400,000. Payments at the beginning of each quarter are based on previous quarter sales. During the previous five-year period, Taco King has generated qv over $650,000. Fogelman's interest rate, known by Taco King, was 4%. Required: 1. Prepare the journal entries for Taco King at the beginning of the lease on January 1, 2024. 2. Prepare the journal entries for Taco King on April 1, 2024. First quarter sales were $660,000. Amortization is recorded quarterly