23. On January 1, 20x1, Chopin Co. signs a 10-year lease agreement to lease a storage building from Sheffield Company. The following information pertains to this agreement: a) The agreement requires equal rental payments of $72,000 beginning on January 1, 20x1.20 b) The fair value of the building on January 1, 20x1 is $440,000. c) The building has an estimated economic life of 12 years, with a zero. Iesidual value. Chopin depreciates similar assets by the straight-line method. d) The lease is nonrenewable. At the termination of the lease, the building reverts to the lessor. e) Chopin's incremental borrowing rate is 12% per year. The lessor's implicit rate is not known by Chopin f) The yearly lease payment includes $2,470.51 of executory costs related to taxes on the property. Record this tax in property tax expense when paid (do not accrue it). Prepare the journal entries on the Chopin's books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease. Chopins fiscal year ends on December 31, but the lease payments are made on January 1 of each year. Make sure to record journal entries for Chopin (Lessee) only, not for Sheffield. Do only what is required. 1) 1/1/x1 2) 12/31/x1 3) 1/1/x2