Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2021. Chance elected the short-term lease option. Appropriate adjusting entries are made annually. Related Information: Lease term 1 year (12 monthly periods) Monthly lease payments $42,000 at Jan. 1, 2021, through Dec. 1, 2021. Economic life of asset 5 years Interest rate charged by the lessor 6% Required: Prepare appropriate entries for Chance from the beginning of the lease through April 1, 2021.