Homework Seved Help Newton Labs leased chronometers from Brookline Instruments on January 1, 2021. Brookline Instruments manufactured the chronometers at a cost of $230,000. The chronometers have a fair value of $242.340. Appropriate adjusting entries are made quarterly. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of S1 and PVAD of $ (Use appropriate factors) from the tables provided Related Information: 5 years (20 quarterly periods) Quarterly lease payments $16,729 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. Economie life of asset 6 years Estimated residual value of chronometers at end $12,912 of lease ter Interest rate charged by the lessor Required: 1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1 2021, and on March 31 2021 2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021 Complete this question by entering your answers in the tabs below. Required Required 2