Return to Newton Labs leased chronometers from Brookline Instruments on January 1, 2018. Brookline Instruments manufactured the chronometers at a cost of $190,000. The chronometers have a fair value of $247000. Appropriate adjusting entries are made quarterly. (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.) 5 years (20 quarterly periods) $13,819 at Jan. 1, 2018, and at Mar. 31, June 30. Sept. 30 Related Information: Lease term Quarterly lease payments Economic life of asset Estimated residual value of chronometers at end of lease ter Interest rate charged by the lessor 6 years $10,666 Required: 1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2018, and on March 31, 2018 2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2018, and on March 31, 2018 Required 1 Required 2 Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2018, and on March 31, 2018. (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 Date General Journal Credit 1 Debit 195,317 190,000 $ January 01, 2018 Lease receivable Cost of goods sold Sales revenue Equipment 195,317 190,000 (Required 1