3. (8 points) Elway Brothers Corporation manufactures drones. On December 31, 2016, it leased to Postmark Company a drone that had cost $105,000 to manufacture. The lease agreement covers the 5-year useful life of the drone and requires 5 equal annual rentals of $39,150 payable each December 31, beginning December 31, 2016. An interest rate of 9% is implicit in the lease agreement. Collectibility of the rentals is probable. Prepare Elway Brothers's December 31, 2016, journal entries. (hint: sales-type lease) Lease Initiation Entry Accounts Debit Credit Payment Entry Receipt of First Accounts Debit Credit Prepare Elway Brothers' December 31, 2017 Lease payment entry Receipt of First Lease Payment Entry Accounts Debit Credit