Problem 15-11 (Algo) Lessee; renewal option [LO15-2, 15-6] [The following information applies to the questions displayed below.] High Time Tours leased rock-climbing equipment from Adventures Leasing on January 1, 2024. High Time has the option to renew the lease at the end of two years for an additional three years for $8,900 per quarter. Adventures purchased the equipment at a cost of $217,046. 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) Problem 15-11 (Algo) Part 1 Required: 1. Prepare appropriate entries for High Time Tours from the beginning of the lease through March 31, 2024. Appropriate adjusting entries are made quarterlv. Required information View transaction list View journal entry worksheet \begin{tabular}{|c|c|c|c|c|c|} \hline & No & Date & General Journal & Debit & Credit \\ \hline & 1 & January 01, 2024 & Right-of-use asset & & \\ \hline & & & Lease payable & & \\ \hline \multirow[t]{2}{*}{} & 2 & January 01, 2024 & Lease payable & 16,500 & \\ \hline & & & Cash & & 16,500 \\ \hline \multirow[t]{3}{*}{>} & 3 & March 31, 2024 & Interest expense & & \\ \hline & & & Lease payable & & \\ \hline & & & Cash & & 16,500 \\ \hline \multirow[t]{2}{*}{} & 4 & March 31, 2024 & Amortization expense & & \\ \hline & & & Right-of-use asset & & \\ \hline \end{tabular}