2- (Valor 10 puntos) On January 1, 2017, XYZ Company signed an 10-year case agreement for equipment. Annual payments are $48.500, to be made at the beginning of each year. At the end of the lease, the equipment will revert to the lessor. The equipment has a useful life of 8 years and has no residual value. At the time of the lease agreement, the equipment has a fair value of $266,000. An interest rate of ($24,332) and straight- line depreciation are used. Step 1: Identify the type of lease (Capital or Operating Lease) Conclusion: Step 2: Journal entries January 1, 2017 December 31, 2017 1-Depreciation Expense 2-Interest Expense GENERAL JOURNAL PAGE 1 PR. DEBIT DESCRIPTION CREDIT