Newton Labs leased chronometers from Brookline Instruments on January 1, 2024. 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.

Related Information:
Lease term	5 years (20 quarterly periods)
Quarterly lease payments	$ 13,819 at January 1, 2024, and at March 31, June 30, September 30, and December 31 thereafter.
Economic life of asset	6 years
Estimated residual value of chronometers at end of lease term	$ 10,666
Interest rate charged by the lessor	16%

Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)

Required:

1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024, and on March 31, 2024.
2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2024, and on March 31, 2024.

Complete this question by entering your answers in the tabs below. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024, and on March 31, 2024. Note: 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. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2024, and on March 31,2024. Note: 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. Complete this question by entering your answers in the tabs below. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024, and on March 31, 2024. Note: 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. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2024, and on March 31,2024. Note: 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