Newton Labs leased chronometers from Brookline Instruments on January 1, 2018. Brookline Instruments manufactured the chronometers at a cost of $250,000. The chronometers have a fair value of $325,000. Appropriate adjusting entries are made quarterly. (EV of S1. PV ot S1 EVA of S1. PVA ot S1, FVAD of $1 and PVAD of S) (Use appropriate factoris) from the tables provided.) Informat 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 (28 quarterly periods) $18,184 at Jan. 1, 2018, and at Mar. 31, June 3e, Sept. 30, as 6 years $14,e35 8% Required: 1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2018, and on March 31, 2018. 2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2018, and on March 31, 2018