Required: 1. Prepare appropriate entries for High Time Tours from the beginning of the lease through March 31, 2021. Appropriate adjusting entries are made quarterly. (If no 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 dollar.)

01/01/21: Record the lease payment for High Time.

01/01/21: Record the lease payment for High Time.

03/31/21: Record the lease and interest payment for High Time.

03/31/21: Record amortization of the right-of-use asset for High Time.

2. Prepare an amortization schedule for the term of the lease. (Round your intermediate and final answers to nearest whole dollar. Enter all amounts as positive values.)

Required information [The following information applies to the questions displayed below.] High Time Tours leased rock-climbing equipment from Adventures Leasing on January 1, 2021. High Time has the option to renew the lease at the end of two years for an additional three years for $8,700 per quarter. Adventures purchased the equipment at a cost of $214,916. (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.) Related Information: Lease term Lease renewal option for an additional Quarterly lease payments 2 years (8 quarterly periods) 3 years at $8,700 per quarter $16,500 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. 5 years 10% Economic life of asset Interest rate charged by the lessor Date Lease Payments Effective Interest Decrease in Balance Balance 16,500 16,500 16,500 16,500 16,500 16,500 Jan. 1, 2021 Mar. 31, 2021 June 30, 2021 Sept. 30, 2021 Dec. 31, 2021 Mar. 31, 2022 June 30, 2022 Sept. 30, 2022 Dec. 31, 2022 Mar. 31, 2023 June 30, 2023 Sept. 30, 2023 Dec. 31, 2023 Mar. 31, 2024 June 30, 2024 Sept. 30, 2024 Dec. 31, 2024 Mar. 31, 2025 8,700 8,700 8,700 8,700 8,700 8,700 8,700 8,700 June 30, 2025 Sept. 30, 2025 8,700 8,700