6. Python Company leased equipment from Hope Leasing on January 1, 2011. Hope purchased the equipment at a cost of $222,666. Other relevant information: Lease term: 3 years; annual payments: $80,000 on January each year, life of the assets: 3 years, fair value of asset $222,666, implicit interest rate: 8% and incremental rate is also 8%. There is no expected residual value Required: Prepare appropriate journal entries for Python for 2011. Assume straight-line depreciation and a December 31 year-end