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Newton Labs leased chronometers from Brookline Instruments on January 1, 2024. Brookline Instruments manufactured the chronometers at a cost of $120,000. The chronometers have a fair value of $150,137. Appropriate adjusting entries are made quarter 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 appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024, and on March 3 2024. 2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1,2024 , and on March 31, 2024 Complete this question by entering vour answers in the tabs below. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024, and on March 31,2024. Note: If no entry is required for a transaction/event, select "No fournal entry required" in the first account field, Round your intermediate. and final answers to nearest whole dollar. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024, and on March 31,2024. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Round your intermiediate and final answers to nearest whole dollar. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2024, and on March 31,2024. Note: If no entry is required for a transactionvevent, select "No journal entry required" in the first account field. Round your intermediate and final answers to nearest whole dollar. 1 Record the beginning of the lease for Brookline Instruments. 2 Record the lease payment received by Broolline Instruments. 3 Record the lease payment received by Brookline Instruments