On January 1, 2024. Taco King leased retall space from Fogelman Properties. The 10-year finance lease requires quarterly variable lease payments equal to 2% of Taco King's sales revenue, with a quarterly sales minimum of $550,000. Payments at the beginning of each quarter are based on previous quarter sales. During the previous five-year period, Taco King has generated quarterly sales of over $725,000. Fogelman's interest rate, known by Taco King, was 8%. Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1. FVA of \$1. PVA of \$1, FVAD of \$1 and PVAD of \$1) Required: 1. Prepare the journal entries for Taco King at the beginning of the lease on January 1, 2024 2. Prepare the journal entries for Taco King on April 1, 2024. First quarter sales were $735.000. Amortization is recorded quarterly. Complete this question by entering your answers in the tabs below. Prepare the journal entries for Taco King at the beginning of the lease on January 1, 2024. Note: If no entry is required for a transaction/event, select "No fournal entry required" in the first account field. Round your answers to the nearest whole dollar amount