Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2018. Insight Machines manufactured the equipment at a cost of $200,000 and lists a cash selling price of $250,177. Appropriate adjusting entries are made quarterly (FV of $1 PV of S1. FVA of $1, PVA of S1. FVAD of S1 and PVAD of $) (Use appropriate factorfs) from the tables provided.) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor 5 years (20 quarterly periods) $15,600 at Jan. 1, 2018, and at Mar. 31, June 36, Sept. 36, and Dec. 31 thereafter 5 years 8%

Required:

1. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2018, and on March 31, 2018.
2. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning. January 1, 2018, and on March 31, 2018. Complete this question by entering your answers in the tabs below. Required 1Required2 Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2018, and on March 31, 2018