Natick Industries leased high-tech instruments from Framingham Leasing on January 1, 2021. Natick has the option to renew the lease at the end of two years for an additional three years. Natick is subject to a $50,000 penalty after two years if it fails to renew the lease. Leasing purchased the equipment from Waltham Machines at a cost of $200.142. V 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 ter Las renewal option for an additional Quarterly lease payments Economie life of asset Interest rate charged by the lessor 2 years ( quarterly perioda) year 12 quarterly periods) $12,000 at Jan 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. 5 years Required: Prepare appropriate entries for Notick Industries from the beginning of the lease through March 31, 2021. 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 calculations and final answers to the nearest whole dollar.) ... memecate calculations and final answers to the nearest whole dollar) View transaction list 7.69 points Journal entry worksheet Record the beginning of the lease for Natick Industries Note: Enter debits before credits Date General Journal Debit Credit January 01, 2021 Righ of use asset Pasay Record entry Clear entry View general journal Journal entry worksheet