Newton Labs leased chronometers from Brookline Instruments on January 1, 2021. Brookline Instruments manufactured the chronometers at a cost of $120,000. The chronometers have a fair value of $150.137. Appropriate adjusting entries are made quarterly (FV of $1. PV of $1. EVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly lease payments 5 years (2e quarterly periods) $8,730 at Jan. 1, 2021, and at Mar. 31, July 30, Sept. 30, and Dec. 31 thereafter. 6 years $6,738 Economic life of asset Estimated residual value of chronometers at end of lease tern Interest rate charged by the lessor Required: 1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021 2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021