1. The lessee makes a lease payment of $78,400 to the lessor for equipment in an operating lease transaction. 2. Crane Company leases equipment from Noble Construction Inc. The present value of thelease payments is $686,000. The lease qualifies as a capital lease. Prepare the journal entries that the lessee should make to record the above transactions assuming the entities report under ASPE. (Lis 1. The lessee makes a lease payment of $78,400 to the lessor for equipment in an operating lease transaction. 2. Crane Company leases equipment from Noble Construction Inc. The present value of thelease payments is $686,000. The lease qualifies as a capital lease. Prepare the journal entries that the lessee should make to record the above transactions assuming the entities report under ASPE. (Lis