5 Southwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2024. Hi-Tech manufactured the equipment at a cost of $86,000. other information: Lease term Annual payments Life of asset Fair value of asset Implicit interest rate Incremental rate There is no expected residual value. Required: 4 years $32,000 on January 1 each year 4 years $114,467 8% 8% Prepare appropriate journal entries for Hi-Tech Leasing for 2024. Assume a December 31 year-end. Note: 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 1 2 3 Record the lease. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 Record the cash received. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 Record the adjusting entry. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2024 Record entry Clear entry View general journal