Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ? Newton Labs leased chronometers from Brookline Instruments on January 1, 2024. Brookline Instruments manufactured thechronometers at a cost of $200,000. The chronometers have a fair value of $260,000. Appropriate adjusting entries are madequarterly.Related Information:Lease termQuarterly lease paymentsEconomic life of assetEstimated residual value of chronometers at end of lease termInterest rate charged by the lessorNote: 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 $1).Required:1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024, and on March 31,2024.Complete this question by entering your answers in the tabs below.2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2024, and onMarch 31, 2024.View transaction listRequired 1 Required 2Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024, and on March 31, 2024.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediateand final answers to nearest whole dollar.1 Record the beginning of the lease for Newton Labs.Record the lease payment made by Newton Labs.Record the lease payment made by Newton Labs.23لیا4 Record amortization for Newton Labs.Note :5 years (20 quarterly periods)$ 14,547 at January 1, 2824, and at March 31, June 30, September 30,and December 31 thereafter.= journal entry has been entered6 years$ 25,823Record entryClear entry/CreditView general journal Newton Labs leased chronometers from Brookline Instruments on January 1, 2024. Brookline Instruments manufactured thechronometers at a cost of $200,000. The chronometers have a fair value of $260,000. Appropriate adjusting entries are madequarterly.Related Information:Lease termQuarterly lease paymentsEconomic life of assetEstimated residual value of chronometers at end of lease termInterest rate charged by the lessorNote: 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 $1).Complete this question by entering your answers in the tabs below.Required:1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024, and on March 31,2024.2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2024, and onMarch 31, 2024.View transaction listRequired 1 Required 2Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2024, and on March31, 2024.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediateand final answers to nearest whole dollar.1 Record the beginning of the lease for BrooklineInstruments.2 Record the lease payment received by BrooklineInstruments.3 Record the lease payment received by BrooklineInstruments.Note :5 years (20 quarterly periods)$ 14,547 at January 1, 2024, and at March 31, June 30, September 30,and December 31 thereafter.) = journal entry has been enteredRecord entry6 years$ 25,8238%Clear entryCreditView general journalShow less A

Introduction:- This question is related to accounting and involves the calculation of appropriate…

Newton Labs leased chronometers from Brookline Instruments on January 1, 2024. Brookline Instruments manufactured the chronometers at a cost of $200,000. The chronometers have a fair value of $260,000. Appropriate adjusting entries are made quarterly. Related Information: Lease term Quarterly lease payments 5 years (20 quarterly periods) $ 14,547 at January 1, 2024, and at March 31, June 30, September 30, and December 31 thereafter. Economic life of asset Estimated residual value of chronometers at end of lease term Interest rate charged by the lessor 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). 6 years $ 25,823 8% Required: 1. Prepare appropriate entries for Newton Labs to record the arrangement at its commencement, January 1, 2024, and on March 31, 2024. 2. Prepare appropriate entries for Brookline Instruments to record the arrangement at its commencement, January 1, 2024, and on March 31, 2024.