Related Information:

Lease term

Quarterly lease payments

Economic life of asset

Estimated residual value of chrononeters at end of lease tere

Interest rate charged by the lessor

$5$ years $(20$ quarter $1$ y per$1$ods$)$

$$13,092$ at January $1,2624,$ and at March $31,$ June $30,$ September $38,$ and Decenber $31$ thereafter:

$6$ years

$$10,105$

$8x$

Note: Use tables, Excel, or a financlal calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

Prepare approprlate entries for Newton Labs to record the arrangement at Its commencement, January $1,2024,$ and on March $31,2024.$

Prepare approprlate entrles for Brookline Instruments to record the arrangement at its commencement, January $1,2024,$ and an March $31,2024.$