P15-13 Lessee and lessor; lessor, sales-type lease with selling profit, residual value (1) LO15-2, (1) LO15-3 Newton Labs leased chrononcters from Brookline Instruments on January 1, 2024. Brookline Instruments manufactured the chronometers at a cost of $200,000. The chronometers have a fair value of $260,000, Appropriate adjusting cotries are made quarterly. Requlred: 1. Prepare appropriate entries for Newton Labs to recond the arrangement at its commencement, Jantary I. 2024, and on March 31. 2024 2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, Janiary 1, 2024, and on March 31, 2024