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Eastern Edison Company leased equipment from Hi-Tech Leasing on January 1,2024. Other information:...

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Accounting

Eastern Edison Company leased equipment from Hi-Tech Leasing on January 1,2024.
Other information:
Lease term 4 years
Annual payments $90,000 on January 1 each year
Life of asset 4 years
Implicit interest rate 7%
PV, annuity due, 4 periods, 7%3.6243
PV, ordinary annuity, 4 periods, 7%3.3872
Hi-Tech's cost of the equipment $326,187
There is no expected residual value.
Required:
Prepare appropriate journal entries for
- Record the lease
- Record the cash receipt for the annual payments
- Record the adjusting entry
- Record the cash reciept for the annual payments
- Record the adjusting entry
Note: 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 the nearest whole dollar amounts.

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