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Eastern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021. Other information: Lease...

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Accounting

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Eastern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021. Other information: Lease term Annual payments Life of asset Implicit interest rate PV, annuity due, 4 periods, 10% PV, ordinary annuity, 4 periods, 10% Hi-Tech's cost of the equipment 4 years $83,000 on January 1 each year 4 years 10% 3.4869 3.1699 $289,413 There is no expected residual value. Required: Prepare appropriate journal entries for Hi-Tech Leasing for 2021 and 2022. Assume a December 31 year-end. (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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