High Time Tours leased rock$-$climbing equipment from Adventures Leasing on January $1,2024.$ High Time has the option to renew the lease at the end of two years for an additional three years for $$9,900$ per quarter. Adventures purchased the equipment at a cost of $$226,342.$

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 $2$ years $(8$ quarterly periods$)$

Lease renewal option for an additional $3$ years at $$9,900$ per quarter

Quarterly lease payments $ $16,000$ at January $1,2024,$ and at March $31,$ June $30,$ September $30,$ and December $31$ thereafter.

Economic life of asset $5$ years

Interest rate charged by the lessor $8\%$

Problem $15-11($Algo$)$ Part $1$

Required:

$1.$ Prepare appropriate entries for High Time Tours from the beginning of the lease through March $31,2024.$ Appropriate adjusting entries are made quarterly.

Note: 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.