1. Record the lease (1/1/21)

2. Record the lease payment (1/1/21)

3. Record the interest expense (12/31/21)

4. Record the amortization expense (12/31/21)

5. Record lease payment (1/1/22)

6. Record the Interest expense (12/31/22)

7. Record the amortization expense (12/31/22)

Southern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021. 4 years Other information: Lease term Annual payments Life of asset Implicit interest rate PV, annuity due, 4 periods, 8% PV, ordinary annuity, 4 periods, 8% $35,000 on January 1 each year 4 years 8% 3.5771 3.3121 There is no expected residual value. Required: Prepare appropriate journal entries for Southern Edison for 2021 and 2022. Assume straight-line amortization and 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.)