Exercise $15-11($Algo$)$ Lessee and lessor; sales$-$type lease with selling profit $[$LO$15-2,15-3]18$

$4\mathrm{.}54$

points

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Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January $1,2024,$ and on March $31,2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your intermediate calculations and final answer to the nearest whole dollar.

View transaction list

View journal entry worksheet

$\backslash$table$[[,$No$,$Date,General Journal,Debit,Credit$],[$i$,1,$January $01,2024,$Right$-$of$-$use asset,,$],[,,$Lease payable,,$],[0,2,$January $01,2024,$Lease payable,$29,250,],[,,$Cash,,$29,250],[0,3,$March $31,2024,$Interest expense,,$],[0,4,$March $31,2024,$No Transaction Recorded,,$]]$ Required $2$

Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January $1,2024,$ and on March $31,2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your intermediate

calculations and final answer to the nearest whole dollar.

View transaction list

View journal entry worksheet

Eye Deal Optometry leased vision$-$testing equipment from Insight Machines on January $1,2024.$ Insight Machines manufactured the

equipment at a cost of $$390,000$ and lists a cash selling price of $$533,111.$ Appropriate adjusting entries are made quarterly.

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$Lease term $5$ years $(20$ quarterly periods$)$

Quarterly lease payments $\backslash 29,250$ at January $1,2024,$ and

Economic life of asset

Interest rate charged by the lessor

$5\}\backslash$mathrm$\{4\%$

$4\%$Required:

Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January $1,2024,$ and on March $31,2024.$

Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January $1,2024,$ and on March $31,$

Complete this question by entering your answers in the tabs below.

Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January $1,2024,$ and on March $31,2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your intermediate

calculations and final answer to the nearest whole dollar.