20) Nasty Inc. leased equipment from Nice Industries on January 1, 2023. Nice Industries had manufactured the equipment at a cost of $810,000. The market value (also PV of the lease payments) of the equipment is $1,287,756 on January 1, 2023. Other information: Lease term Annual payments Life of asset Rate the lessor charges 4 years $360,000 beginning Jan. 1, 2023, and at Dec. 31, 2023, 2024, and 2025 4 years 8% Round your answers to the nearest whole dollar amounts. *Do only what is required. 1. Prepare the appropriate entries for Nasty (Lessee) on January 1, 2023, and December 31, 2023. 2. Prepare the appropriate entries for Nice Industries (Lessor) on January 1, 2023, and December 31, 2023.