Exercise 15-11 Lessee and lessor; sales-type lease with selling profit (LO15-2, 15-3] Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2018. Insight Machines manufactured the equipment at a cost of $280,000 and lists a cash selling price of $350,248. Appropriate adjusting entries are made quarterly. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information Lease term Quarterly lease payments Economie life of asset Interest rate charged by the lessor 5 years (20 quarterly periods) $21,000 at Jan. 1. 2018, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. 5 years Required: 1. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2018, and on March 31, 2018. 2. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2018, and on March 31, 2018 Required 1 Required 2 Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2018, and on March 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list 1 Record the beginning of the lease for Eye Deal. 2 Record the quarterly rental paid by Eye Deal. 3 Record the quarterly rental and interest paid by Eye Deal. 4 Record the Amortization of Right-of-use equipment for Eye Deal. Credit Note : = journal entry has been entered Record entry Clear entry View general journal Required 1 Required 2 Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2018, and on March 31, 2018 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the beginning of the lease for Insight Machines. 2 Record the lease revenue received by Insight Machines. 3 Record the lease revenue and Interest received by Insight Machines. Credit Note : - journal entry has been entered Record entry Clear entry View general journal