Please add journal entries with explanations. Thanks

9. Charles River Hospital leased medical equipment from Plymouth Industries on January 1, 2018. Plymouth Industries manufactured the equipment at a cost of $600,000. The equipment has a fair value of $750,654. Appropriate adjusting entries are made quarterly. Related Information: Lease term 5 years (20 quarterly periods) Quarterly lease payments $43,641 at Jan. 1. 2018, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. Economic life of asset 6 years Residual value at end of lease term $33,684 Interest rate charged by the lessor 8% Required: Round your answers to the nearest whole dollar amounts. 1. Prepare appropriate journal entries for Charles River Hospital to record the arrangement at its commencement, January 1, 2018, and on March 31, 2018. (6 pts) 2. Prepare appropriate journal entries for Plymouth Industries to record the arrangement at its commencement, January 1, 2018, and on March 31, 2018. (4 pts)