pk Exercise 15-11 (Algo) Lessee and lessor; sales-type lease with selling profit [LO15-2, 15-3] Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2021. Insight Machines manufactured the equipment at a cost of $210,000 and lists a cash selling price of $287,060. Appropriate adjusting entries are made quarterly. (FV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly lease payments Economic life of asset 5 years (20 quarterly periods) $15,750 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter Interest rate charged by the lessor 5 years 4% ent rences Required: 1. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 2021, and on March 31, 2021. 2. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2021, and on March 31. 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answer to the nearest whole dollar.) View transaction list Journal entry worksheet 4 nces Required 1 Required 2 Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answer to the nearest whole dollar.) View transaction list Journal entry worksheet 1 2 3 4 Record the beginning of the lease for Eye Deal. Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 2 3 4 Record the lease payment made by Eye Deal on January 1, 2021. Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > < Prev 3 of 4 Next > View transaction list Journal entry worksheet < 4 Record the lease payment made by Eye Deal on March 31, 2021. Note: Enter debits before credits. Date March 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > View transaction list Journal entry worksheet 2 3 Record amortization of the right-of-use asset for Eye Deal. Note: Enter debits before credits. Date March 31, 2021 General Journal Debit Credit Clear entry Record entry View general journal Required 1 Required 2 > > < Prev 3 of 4 Next > MacBook Pro mplete this question by entering your answers in the tabs below. Required 1 Required 2 Required 2 Prepare appropriate elinsight Machines to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answer to the nearest whole dollar.) View transaction list Journal entry worksheet < 1 2 3 Record the beginning of the lease for Insight Machines. Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answer to the nearest whole dollar.). View transaction list Journal entry worksheet 1 3 Record the lease payment received by Insight Machines on January 1, 2021. Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 21 Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answer to the nearest whole dollar.) View transaction list Journal entry worksheet < 1 2 Record the lease payment received by Insight Machines on March 31, 2021. Note: Enter debits before credits Date March 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal