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 $8,000 per quarter. Adventures purchased the equipment at a cost of $198,375.

Record the beginning of the lease for High Time.

Record the lease payment for High Time.

Record the lease payment for High Time.

Record amortization for High Time.

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 $8,000 per quarter. Adventures purchased the equipment at a cost of $198,375. 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 ) 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. Journal entry worksheet Note: Enter debits before credits