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please help! the journal entries are all correct i need help on the amounts!! Newton Labs leased chronometers from Brookline Instruments on January 1, 2021

please help! the journal entries are all correct i need help on the amounts!! image text in transcribed
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Newton Labs leased chronometers from Brookline Instruments on January 1, 2021 Brookline Instruments manufactured the chronometers at a cost of $330,000. The chronometers have a fair value of $429,000. Appropriate adjusting entries are made quarterly. (FV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of S1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly lease payments Economic life of asset Estimated residual value of chronometers at end of lease term Interest rate charged by the lesson 5 years (20 quarterly periods) $ 24,002 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, 6 years $13,525 Required: 1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021 2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021 Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, 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 and final answers to nearest whole dollar.) No Debit Credit Date General Journal January 01, 2021 Right-of-use asset Lease payable 2 January 01, 2021 Lease payable Cash March 31, 2021 Interest expense Lease payable Cash March 31, 2021 Amortization expense Right-of-use asset Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, 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 and final answers to nearest whole dollar.) No Debit Credit Date General Journal January 01, 2021 Lease receivable Cost of goods sold Sales revenue Equipment 2 January 01, 2021 Cash Lease receivable March 31, 2021 Cash Lease receivable Interest revenue

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