Problem 15-14 (Algo) Lessee and lessor; lessor; sales-type lease with selling profit; residual value [LO15- 2, 15-3) Newton Labs leased chronometers from Brookline instruments on January 1, 2021. Brookline Instruments manufactured the chronometers at a cost of $110,000. The chronometers have a fair value of $126,056. Appropriate adjusting entries are made quarterly, (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.) ces Related Information Loke ter Quarterly lease payments Leonomie life of asset Estimated residual value of chronometers at and of lease term Interest rate charged by the lessor 5 years (20 quarterly periods) $8,003 at Jan 1, 2021, and at Mar. 31, June 30. sept. 30. and Dec. 31 thereafter. 6 years $6,177 120 Required: 1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2021, and on March 31, 3. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021. 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2021, and on March 31, 2021, uno 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 dola) View transaction list Journal entry worksheet Record the lease payment made by Newton Labs. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general Journal Required 1 Required 2 Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, Januar (If no entry is required for a transaction/event, select "No journal entry required" in the first account fi final answers to nearest whole dollar.) View transaction list Journal entry worksheet Record amortization of the right-of-use asset for Newton Labs. Note: Enter debits before credits. General Journal Dobit Credit Date March 31, 2021 Record entry Clear entry View general Journal Required 1 Required 2 Prepare appropriate entries for Brookline Instruments to record the arrangement at Its commenceme 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the firs Intermediate and final answeis to nearest whole dollar.) View transaction list Journal entry worksheet Record the lease payment received by Brookline Instruments. Note: Enter debits before credits General Journal Dobit Credit Dato January 01, 2021 Record entry Clear entry View general Journal Required 1 Required 2 Prepare appropriate entries for Brookline Instruments to record the arrangement at Its commencement, Jan 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first acco Intermediate and final answers to nearest whole dollar.) View transaction list Journal entry worksheet