8, Nguyen Electronics leased equipment from Nevels Leasing for a four-year period ending December 31, 2021, at me possession of the leased asset will revert back to Nevels. The equipment cost Nevels $824,368 and has an expected economic life of five years. Nevels expects the residual value at December 31, 2021, will be $100,000. Negotiations led to the lessee guaranteeing a $140,000 residual value. Equal bayments under the lease are $200,000 and are due on December 31 of each year with the first ayment benp madsT V under the lease are $200,000 and are due on December 31 of each year with the first payment being m ade on December 31, 2018 Nguyen is aware that Nevels used a 5% interest rate when calculating lease payments (FV of Si. PV of S1. EVA of S1, PVAof S1. EVAD of S1 and PVAD ot S0 (Use appropria Required 2. Prepare all appropriate entries for both Nguyen and Nevels on December 31, 2018, related to the lease. te factor(s) from the tables provided.) the appropriate entries for both Nguyen and Nevels on January 1, 2018, to record the lease