Newton Labs leased chronometers from Brookline Instruments on January 1, 2018. Brookline Instruments manufactured the chronometers at a cost of $170,000. The chronometers have a air value of $221,000. Appropriate adjusting entries are made quarterly. (FVof $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of Use appropriate factor(s) from the tables provided.) Related Information: Lease term 5 years (20 quarterly periods) $12,365 at Jan. 1, 2018, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. Quarterly lease payments Economic life of asset 6 years Estimated residual value of chronometers at end of lease term $9,544 Interest rate charged by the lessor 12% Required: 1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2018, and on March 31, 2018. Prepare appropriate entries for Brookline Instrume to record the arrangement at its commencement, January 1, 2018, and on March 31, 2018 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, 2018, and on March 31, 2018 (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 view general journal Date General Journal Debit Credit January 01, 2018 Right-of-use asset 189,479 189,479 Lease payable January 01, 2018 Lease payable 12,365 Cash 12,365 March 31, 2018 Interest expense 5,313 Lease payable 7,052 12,365 Cash March 31, 2018 Amortization expense Right-of-use asset