Eye Deal Optometry leased vision$-$testing equipment from Insight Machines on January $1,2024.$ Insight Machines manufactured the equipment at a cost of $$270,000$ and lists a cash selling price of $$369,077.$ Appropriate adjusting entries are made quarterly.

Lease term $5$ years $(20$ quarterly periods$)$

Quarterly lease payments $$20,250$ at January $1,2024,$ and at March $31,$ June $30,$ September $30,$ and December $31$ thereafter

Economic life of asset $5$ years

Interest rate charged by the lessor $4\%$

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 $31,2024.$