Newton Labs leased chronometers from Brookline Instruments on January $1,2024.$ Brookline Instruments manufactured the chronometers at a cost of $$170,000.$ The chronometers have a fair value of $$194,763.$ Appropriate adjusting entries are made quarterly.

$\backslash$table$[[$Related Information:,$5$ years $(20$ quarterly periods$)],[$Lease term,$$12,365$ at January $1,2024,$ and at March $31,$ June$],[$Quarterly lease payments,$30,$ September $30,$ and December $31$ thereafter.$],[$Economic life of asset,$6$ years$],[$Estimated residual value of chronometers at end of$,$$$9,544$