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IS IT CORRECT?

Record the lease, 2 Record the cash receipt for the annual payments. 3 Record the entry for the interest revenue. 4. Record the cash receipt for the annual payments. S Record the entry for the interest revenus. Eastern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021. 4 years $76,000 on January 1 each year 4 years Other information: Lease term Annual payments Life of asset Implicit interest rate PV, annuity due, 4 periods, 8% PV, ordinary annuity, 4 periods, 8% Hi-Tech's cost of the equipment 89 3.5771 3.3121 $271,860 There is no expected residual value. Required: Prepare appropriate journal entries for Hi-Tech Leasing for 2021 and 2022. Assume a December 31 year-end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to the nearest whole dollar amounts.) View transaction list View journal entry worksheet No General Journal Credit Date January 01, 2021 Lease receivable Equipment Debit 271,860 1 271,860 2 76,000 January 01, 2021 Cash Lease receivable 76,000 3 15,669 December 31, 2021 Interest receivable Interest revenue 15,669 4 76,000 January 01, 2022 Cash Interest receivable Lease receivable 15,669 60,331 ) 10.842 December 31, 2022 Interest receivable Interest revenue 10,842