8) Assume the lease was executed on 1/1/18. Record the following journal entries for the lessor. a) On 1/1/18 (just record the lease for this entry). b) The first lease made on 1/1/18. c) The entries they would make when they drew up a set of financial statements on 12/31/18. a) What are the balance sheet and income statement presentations for the lessor as of 12/31/18? c) The entry on 1/1/19 to record the lease payment. o. The lease payoff entry on 1/1/22 when the asset is returned by the lessee. The lease is non-cancellable and its term is 4 years. The lease calls for four equal payments at the beginning of each year. The lessee's incremental borrowing rate is 6% and the lessor's implicit rate of return is 5%. The fair market value of the leased asset is $227,500. The lease contains a guaranteed residual value of $10,000 for the asset at the end of the lease. The lease does not contain any renewal option. The leased asset cost the lessor $170,000