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On January 1. 2024. Ghosh Industries leased a high-performance conveyer to Karrier Company for a four-year period ending December 31, 2027, at which time possession of the leased asset will revert back to Ghosh. - The equipment cost Ghosh $956,000 and has an expected useful life of five years. - Ghosh expects the residual value at December 31, 2027, will be $300,000. - Negotiations led to the lessee guarantecing a $340,000 residual value. - Equal payments under the finance or sales type lease are $200,000 and are due on December 31 of each year with the first payment being made on December 31, 2024. - Karrier is aware that Ghosh used a 5% interest rate when calculating lease payments. Note: Use tables, Excel, or a financial calculator. (EV of S1. PV of S1. EVA of S1. PVA of S1. EVAD ofS1 and PVAD of S1) Required: 1. Prepare the appropriate entries for both Karrier and Ghosh on January 1,2024, to record the lease. 2. Prepare all appropriate entries for both Karrier and Ghosh on December 31,2024 , related to the lease. Prepare the appropriate entries for both Karrier and Ghosh on January 1, 2024, to record the lease. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account nearest whole dollar. Record the beginning of the lease for Karrier. 2 Record the beginning of the lease for Ghosh. 1 Record the lease payment for Karrier. 2 Record amortization of the right-of-use asset for Karrier. 3 Record the lease payment for Ghosh

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