Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2024. Insight Machines manufactured the equipment at a cost of $300,000 and lists a cash selling price of $344,786. 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) Related Information: Lease term 5 years (20 quarterly periods) $22,500 at January 1, 2024, and at March 31, June 30, September 30, and December 31 thereafter Interest rate charged by the lessor 5 12% years Quarterly lease payments Economic life of asset Required: 1. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2024, and on March 31, 2024. 2. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2024, and on March 31, 2024. Complete this question by entering your answers in the tabs below. Required 1 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 No Date General Journal Debit Credit 1 January 01, 2024 Lease receivable Cost of goods sold Sales revenue Equipment 2 January 01, 2024 Cash Lease receivable 3 March 31, 2024 Cash Interest revenue Lease receivable < Required 1 Required 2 > Show less