Rheims Power leased high-tech electronic equipment from Lyons Leasing on January 1, 2024. Lyons purchased the equipment from Nguyen Machines at a cost of $75,000. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor 2 years ( 8 quarterly periods) $7,500 on January 1, 2024 and on March 31, June 30, September 30 and December 31 thereafter. 5 years. 8% Required: Prepare appropriate journal entries for Rheims Power from the commencement of the lease through March 31, 2024. December 31 is the fiscal year end