• Record the beginning of the lease for Natick Industries. (January 01, 2024)
• Record the lease payment for Natick industries. (January 01, 2024)
• Record the lease payment for Natick Industries. (March 31, 2024)
• Record the amortization for Natick Industries. (March 31, 2024)

Exercise 15-19 (Algo) Lessee; renewal option [LO15-2, 15-6] Natick Industries leased high-tech instruments from Framingham Leasing on January 1, 2024. Natick has the option to renew the lease at the end of two years for an additional three years. Natick is subject to a $65,000 penalty after two years if it fails to renew the lease. Framingham Leasing purchased the equipment from Waltham Machines at a cost of $273,390. 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: Prepare appropriate entries for Natick Industries from the beginning of the lease through March 31, 2024. Appropriate adjusting entries are made quarterly. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answers to the nearest whole dollar