Exercise 15-18 Short-term lease [LO15-5] Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2018. Third Bank purchased the equipment at a cost of $1,650,000. Chance elected the short-term lease option. Appropriate adjusting entries are made annually. Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lesson 1 year (4 quarterly periods) $66,099 at Jan. 1, 2018, and at Mar. 31, June 30, and Sept. 30. > years Required: Prepare appropriate entries for Chance from the beginning of the lease through December 31, 2018. (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 Journal entry worksheet Record the beginning of the lease for Chance