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 $8,900 per quarter. Adventures purchased the equipment at a cost of $217,046.

Note: Use Excel, or a financial calculator.

Related Information:
Lease term	2 years (8 quarterly periods)
Lease renewal option for an additional	3 years at $8,900 per quarter
Quarterly lease payments	$ 16,500 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	12%

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.