High Time Tours leased rock-climbing equipment from Adventures Leasing on January 1, 2018. High Time has the option to renew the lease at the end of two years for an additional three years for $9,500 per quarter. Adventures purchased the equipment at a cost of $223,930./FV of $1. PV of $1, FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Lease renewal option for an additional Quarterly lease payments Economic life of asset Interest rate charged by the lessor 2 years (8 quarterly periods) 3 years at $9,500 per quarter $17,500 at Jan. 1. 2018, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. 5 year 128 Required: 1. Prepare appropriate entries for High Time Tours from the beginning of the lease through March 31, 2018. Appropriate adjusting entries are made quarterly 2. Prepare an amortization schedule for the term of the lease. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare appropriate entries for High Time Tours from the beginning of the lease through March 31, 2018. Appropriate adjusting entries are made quarterly. (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) Required 1 Required 2 Prepare appropriate entries for High Time Tours from the beginning of the lease through March 31, 2018. Appropriate adjusting entries are made quarterly. (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.) View transaction list X 5 1 Record the beginning of the lease for High Time. 2 Record the lease payment for High Time. 3 Record the lease and interest payment for High Time. 4 Record the amortization of right-touse asset for High Time. Credit Prepare an amortization schedule for the term of the lease. (Round your intermediate and final answers to nearest whole dollar. Enter all amounts as positive values.) Date Lease Payments Effective Interest Decrease in Balance Balance 17,500 17,500 17,500 17,500 17,500 17,500 Jan. 1. 2018 Mar 31, 2018 June 30, 2018 Sept. 30, 2018 Dec 31, 2018 Mar 31, 2019 June 30, 2019 Sept. 30, 2019 Dec 31, 2019 Mar. 31, 2020 June 30, 2020 Sept. 30, 2020 Dec. 31, 2020 Mar 31, 2021 June 30, 2021 Sept. 30, 2021 Dec. 31, 2021 Mar. 31, 2022 June 30, 2022 Sept. 30, 2022 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500