8. Big Boy Co. enters into an operating lease of property with Little Boy Co. on January 1, 2020, for a five-year term at an annual fixed lease payment of $55.000. Little Boy agrees to make the first payment January 1, 2020. Round your final answer to the nearest whole dollar. Time value of money factors at 5% 4 years 5 years Future Value of 1 Present Value of 1 Present Value of Ordinary Annuity of 1 Present Value of Annuity Due of 1 1.215506 .822702 3.545951 3.723248 1.276282 .783526 4.329477 4.545951 Required Prepare all journal entries in 2020 for Little Boy Co. assuming that Little Boy Co.is aware of the rate implicit in the lease of 5%. Round your final answers to the nearest whole dollar