Help Save & Exit Rheims Power leased high-tech electronic equipment from Lyons Leasing on January 1, 2021. Lyons purchased the equipment from Nguyen Machines at a cost of $75,000. (FV of $1. PV of $1. FVA of $1. PVA $1. FVAR 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 2 years (8 quarterly periods) $7,500 at Jan. 1, 2021 and at Mar 31, June 30, Sept 30 and Dec 31 thereafter. 5 years Required: Prepare appropriate journal entries for Rheims Power from the commencement of the lease through March 31, 2021. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.) View transaction list Journal entry worksheet 12 Record the beginning of the lease for Rheims Power, Note: Enter debits before credits General Journal Debit Credit Date