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 $8,100 per quarter. Adventures purchased the equipment at a cost of $196,141. (EV of $1. PV of $1. EVA 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 $8,100 per quarter $15, 100 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 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.) On 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.) No Credit Answer is complete but not entirely correct. Date General Journal Debit January 01, 2021 Right-of-use asset 72,664 Lease payable 1 72,664 2 January 01, 2021 Lease payable Cash 15,100 15.100 3 March 31, 2021 Interest expense Lease payable Cash 1.614 6.486 8.100 4 March 31, 2021 36,332 Amortization expense Right-of-use asset 36,332 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 $8,100 per quarter Adventures purchased the equipment at a cost of $196,141. (EV of $1. PV of $1. EVA of S1, PVA OL$1. EVAD of S1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Lease renewal option for an additional Quarterly lease payments Economic life of asset Interest rate charged by the lessor 2 years ( quarterly periods) 3 years at $8,100 per quarter $15, 100 at Jan 1, 2021, and at Mar 31, June 30, Sept. 30, and Dec. 31 thereafter 5 years 101 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.) Date Les Effective Decrease in Balance 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.) Date Effective Interest Payments Decrease in Balance Balance Jan 1, 2021 Mar 31, 2021 June 30, 2021 Seot 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 15,100 15,100 15,100 15,100 15.100 15.100 8,100 8,100 8,100 8.100