nces Newton Labs leased chronometers from Brookline Instruments on January 1, 2021. Brookline Instruments manufactured the chronometers at a cost of $190,000. The chronometers have a fair value of $200,185. Appropriate adjusting entries are made quarterly. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD OLS1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly lease payments 5 years (20 quarterly periods) $13,819 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. 6 years Estimated residual value of chronometers at end of lease tere $10,666 16% Economic life of asset 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 1 Required 2 Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021. 7 of 7 < Prev Next