On January 1, 2021, Taco King leased retail spoce from Fogeiman 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 $520.000. Payments at the beginning of eech quarter are based on previous quarter sales. During the previous 5 -year period, Taco King has generated quartenly sales of over $710.000. Fogeiman's interest rate, known by Taco King. Was 4%. FV or S1. PV of S1. EVA of \$1. PVA of S1. EVAD of S1 and PVAD ofS5 (Use appropriate factor(s) from the tabies provided.) Required: 1. Prepare the journal entries for Toco King at the beginning of the lease at January 1,2021 2. Prepare the journal entries for Taco King ot April 1, 2021. First quarter sales were $720,000. Amortization is recorded quarterly Prepare the joumal entries for Toco Kang at the beginning of the leave at lanuary 1. 2021. (If no entiy is requicif for a 3 us arnount:) Prepare the journal entries for Taco King at April 1, 2021. First quarter sales were $720,000. Amortization is recorded quarterly. (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Round your answers to the nearest whole dollar amount.)