(2 points) Zaire Corporation leases equipment from Tuvalu Company on January 1, 2017. The lease agreement does not transfer ownership, contain a bargain purchase option, and is not a specialized asset. It covers 3 years of the equipments 8-year useful life, and the present value of the lease payments is less than 90% of the fair value of the asset leased. The annual lease payment is $30,000 at the beginning of each year, and Zaires incremental borrowing rate is 9%, which is the same as the lessors implicit rate.Prepare all the necessary journal entries for Tuvalue Company (the lessor) for 2017, assuming the equipment is carried at a cost of $168,000. (hint: receipt of lease payment, recording of earned lease revenue, and depreciation of asset)