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 $8,500 per quarter. Adventures purchased the equipment at a cost of $206,858. (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 $8,500 per quarter $15,700 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. 5 years Economic life of asset Interest rate charged by the lessor 8% 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.) Journal entry worksheet 1 2 3 4 > Record the lease payment for High Time. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general Journal Journal entry worksheet Record the lease payment for High Time. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general Journal Journal entry worksheet