On January 1, 2021, Taco King leased retail space from Fogelman Properties. The 10-year finance lease requires quarterly variable lease payments equal to 3% of Taco King's sales revenue, with a quarterly sales minimum of $440,000. Payments at the beginning of each quarter are based on previous quarter sales. During the previous 5-year period, Taco King has generated quarterly sales of over $670,000. Fogelman's interest rate, known by Taco King, was 4%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entries for Taco King at the beginning of the lease at January 1, 2021. 2. Prepare the journal entries for Taco King at April 1, 2021. First quarter sales were $680,000. Amortization is recorded quarterly. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries for Taco King at April 1, 2021. First quarter sales were $680,000. Amortization is recorded quarterly. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amount.) No Date General Journal 1 April 01, 2021 Interest expense Lease expense Lease payable Cash 2 April 01, 2021 Amortization expense Right-of-use asset < Required 1 Required 2 > Debit Credit 4,053 7,200 8,547 19,800 10,446 10,446