Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2021. Insight Machines manufactured the equipment at a cost of $230,000 and lists a cash selling price of $264,336. Appropriate adjusting entries are made quarterly. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor 5 years (20 quarterly periods ) $17,250 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter 5 years 12% Required: 1. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021. 2. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021. No Date General Journal Debit Credit 1 January 01, 2021 Lease receivable Cost of goods sold Sales revenue Equipment 2 January 01, 2021 Cash Lease receivable 3 March 31, 2021 Cash Interest revenue Lease receivable No Date General Journal Debit Credit 1 264,336 January 01, 2021 Right-of-use asset Lease payable 264,336 2 January 01, 2021 Lease payable 17,250 Cash 17,250 3 March 31, 2021 Interest expense Lease payable Cash 17,250 4 March 31, 2021 Amortization expense Right-of-use asset