Needham industries leased manufacturing equipment from Burlington Leasing on January 1, 2021 Needham has the option to renew the lease at the end of two years for an additional three years Needham is subject to a $135,000 penalty after two years if it fails to renew the lease. Burlington Leasing purchased the equipment from Springfield Machines at a cost of $250177 (FV of $1. PV of $1. FVA of $1. PVA O $1. EVAD of $1 and PVAD of $11 (Use appropriate factor(s) from the tables provided.) Related Information Lease term Lease renewal option for an additional 2 years 3 years (12 quarterly periods) Quarterly lease payments $45,000 at Jan 1, 2021 and at Mr. Jupe B, Sept. 30 and Dec 31 thereafter. Economic life of asset 5 years Interest rate charged by the lessor ** Required: Prepare appropriate journal entries for Needham Industries from the beginning of the lease through March 31 2021 Appropriate adjusting entries are made quarterly. Of no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.) View transactionist View journal entry worksheet Dobit Credit Record the beginning of the lease for Needham Industries. Record the quarterly rental paid by Needham Industries Record the quarterly rental and interest paid by Needham Industries. Record the amortization of Right-of-use equipment for Needham Industries