Newton Labs leased chronometers from Brookline Instruments on January 1, 2024. Brookline Instruments manufactured the chronometers at a cost of $200,000. The chronometers have a fair value of $260,000. Appropriate adjusting entries are made quarterly. Related Information: Lease term Quarterly lease payments 5 years (20 quarterly periods) $ 14,547 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 Interest rate charged by the lessor $ 25,823 8% 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. Required 1 Required 2 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. View transaction list 1 Record the beginning of the lease for Newton Labs. 2 Record the lease payment made by Newton Labs. 3 Record the lease payment made by Newton Labs. 4 Record amortization for Newton Labs. Credit Note : journal entry has been entered Record entry Clear entry View general journal Newton Labs leased chronometers from Brookline Instruments on January 1, 2024. Brookline Instruments manufactured the chronometers at a cost of $200,000. The chronometers have a fair value of $260,000. Appropriate adjusting entries are made quarterly. Related Information: Lease term Quarterly lease payments Economic life of asset Estimated residual value of chronometers at end of lease term Interest rate charged by the lessor 5 years (20 quarterly periods) $ 14,547 at January 1, 2024, and at March 31, June 30, September 30, and December 31 thereafter. 6 years $ 25,823 8% 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. Required 1 Required 2 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. View transaction list 1 Record the beginning of the lease for Brookline Instruments. 2 Record the lease payment received by Brookline Instruments. 3 Record the lease payment received by Brookline Instruments. Note: journal entry has been entered Record entry Credit Clear entry View general journal Show less