15 20 point 2 Southwestem Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021, Hi-Tech manufactured the equipment at a cost of $95,000 Other information: Lease turn Annual payments Life of at Fair value of se Implicit interest rate Incremental rate 3 years 350,000 on January 1 each year 3 years $140,400 76 There is no expected residual value. Required: Prepare appropriate journal entries for Hi-Tech Leasing for 2021. 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 answers to the nearest whole dollar amounts.) Journal entry worksheet Record the lease e Enter debts before credits Date General Journal Debit Credit January 01, 2001 Lease payable 150,000 Cost of goods sold $5,000 Dunes 20 21 22 New >