24 Southwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021. Hi-Tech manufactured the equipment at a cost of $92,500. Other information: Lease term Annual payments Life of asset Fair value of asset Implicit interest rate Incremental rate 4 years $ 45,000 on January 1 each year 4 years $ 165,285 68 There is no expected residual value. Required: Prepare appropriate journal entries for Hi-Tech Leasing for 2021. Assume a December 31 year-end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.) View transaction list Journal entry worksheet Record the lease Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Journal entry worksheet