1a. record the beginning of the lease for Nguyen

1b. record the beginning of the lease for Nevels

2a. record the lease payment for Nguyen

2b. record the amortization expense for Nguyen

2c. record the lease payment received by Nevels

On January 1, 2021, Nguyen Electronics leased equipment from Nevels Leasing for a four-year period ending December 31, 2024, at which time possession of the leased asset will revert back to Nevels. The equipment cost Nevels $899,851 and has an expected economic life of five years. Nevels expects the residual value at December 31, 2024, will be $119,000. Negotiations led to the lessee guaranteeing a $178,000 residual value. Equal payments under the lease are $219,000 and are due on December 31 of each year with the first payment being made on December 31, 2021. Nguyen is aware that Nevels used a 6% interest rate when calculating lease payments. (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.)