11 Neely BBQ leased equipment from Smoke Industries on January 1, 2021. Smoke Industries had manufactured the equipment at a cost of $810,000. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Other information: Lease term Annual payments Life of asset 4 years $360,000 beginning Jan. 1, 2021, and at Dec. 31, 2021, 2022, and 2023 4 years Rate the lessor charges 88 Required: 1. Prepare the appropriate entries for Neely BBQ (Lessee) on January 1, 2021, and December 31, 2021. 2. Prepare the appropriate entries for Smoke Industries (Lessor) on January 1, 2021, and December 31, 2021. Assume that control is transferred to the lessee. 3. Prepare the appropriate entries for Smoke Industries (Lessor) on January 1, 2021, and December 31, 2021. Assume that control is not transferred to the lessee. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the appropriate entries for Smoke Industries (Lessor) on January 1, 2021, and December 31, 2021. Assume that control is not transferred to the lessee. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Record the beginning of the lease. 2 Record the gross lease revenue received by lessor. Record the lease revenue for lessor. 4 Record the gross lease revenue received by lessor. 5 Record the depreciation for lessor. journal entry has been entered Note: Record entry Clear entry Credit 00 360,000 View general journal Required 2 Required 3