5. On January 1, 2013, Sans Serif Publishers, Inc., a computer services and printing firm, leased printing equipment from First Lease Corp. The lease agreement specifies six annual payments of $100,000 beginning January 1, 2013, the inception of the lease, and at each January 1 thereafter. The useful life of the equipment is estimated to be six years. Before deciding to lease, Sans Serif considered purchasing the equipment for its cash price of $479,079. If funds were borrowed to buy the equipment, the interest rate would have been 10%. Record the journal entries for both the lessee and lessor for years 1 and 2.