Exercise 15-18 (Algo) Short-term lease (LO15-5) Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2021. Chance elected the short-term lease option. Appropriate adjusting entries are made annually. Related Information: Lease term 1 year (12 monthly periods) Monthly lease payments $78,000 at Jan. 1, 2021, through Dec. 1, 2021. Economic life of asset 5 years Interest rate charged by the lessor 9% Required: Prepare appropriate entries for Chance from the beginning of the lease through April 1, 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 amount.) View transaction list View journal entry worksheet Debit Credit No 1 Date General Journal January 01, 2021 No journal entry required 2 January 01, 2021 Lease expense Cash 3 February 01, 2021 Lease expense Cash 4 March 01, 2021 Lease expense Cash 5 April 01, 2021 Lease expense Cash