Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2021. Insight Machines manufactured the equipment at a cost of $350,000 and lists a cash selling price of $437,810. 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) $26,250 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter 5 years 8% 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021. (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 Journal entry worksheet Record the beginning of the lease for Eye Deal. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal Required 1 Required 2 Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021. (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 X 1 Record the beginning of the lease for Eye Deal. > 2 Record the lease payment made by Eye Deal on January 1, 2021. 3 Record the lease payment made by Eye Deal on March 31, 2021. 4 Record amortization of the right-of-use asset for Eye Deal. Credit Note : = journal entry has been entered Required 1 Required 2 Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021. (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 Journal entry worksheet 1 2 3 > Record the beginning of the lease for Insight Machines. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal Required 1 Required 2 Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021. (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 x 1 Record the beginning of the lease for Insight Machines. > 2 Record the lease payment received by Insight Machines on January 1, 2021. 3 Record the lease payment received by Insight Machines on March 31, 2021. Credit Note : - journal entry has been entered
