Required information

$[$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 $$9,000$ per quarter. Adventures purchased the

equipment at a cost of $$212,218.$

Note: Use Excel, or a financial calculator.

Required:

Prepare appropriate entries for High Time Tours from the beginning of the lease through March $31,2024.$ Appropriate adjusting

entries are made quarterly.