Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2018. Insight Machines manufactured the equipment at a cost of $200,000 and lists a cash selling price of $250,177. 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)

Related Information:
Lease term	5 years (20 quarterly periods)
Quarterly lease payments	$15,000 at Jan. 1, 2018, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter.
Economic life of asset	5 years
Interest rate charged by the lessor	8%

Journal entry #3

Please record the lease revenue and interest received by Insight Machines.

Required 1 Required 2 Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2018, and on March 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to nearest whole dollar.) Date General Journal Debit 250,177 200,000 0 Credit January 01, 2018 Lease receivable Cost of goods sold 250,177 200,000 Sales revenue Equipment January 01, 2018 Cash 15,000 Lease receivable 5,000 March 31, 2018 Cash 15,000 4,703 10,297 Lease receivable Interest revenue