answer both plzzzz!!!

On January 1, 2024, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year period ending December 31 , 2027, at which time possession of the leased asset will revert back to Aqua. - The equipment cost Aqua $420,045 and has an expected economic life of five years. - Aqua and Maywood expect the residual value at December 31,2027 , to be $57,000. - Negotiations led to Maywood guaranteeing a $80,500 residual value. - Equal payments under the lease are $114,000 and are due on December 31 of each year with the first payment being made on December 31, 2024. - Maywood is aware that Aqua used a 6% interest rate when calculating lease payments. Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1, FVA of \$1, PVA of \$1, FVAD of \$1 and PVAD of \$1) Required: 1. \& 2. Prepare the appropriate entries for Maywood on January 1, 2024 and December 31, 2024, related to the lease. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Journal entry worksheet Record the beginning of the lease for Maywood Hydraulics. Note: Enter debits before credits. At January 1, 2024, Caf Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement. - The lease agreement specifies annual payments of $32,000 beginning January 1,2024 , the beginning of the lease, and on each December 31 thereafter through 2031. - The equipment was acquired recently by Crescent at a cost of $243,000 (its fair value) and was expected to have a useful life of 13 years with no salvage value at the end of its life. - Because the lease term is only 9 years, the asset does have an expected residual value at the end of the lease term of $73,596. - Crescent seeks a 9% return on its lease investments. By this arrangement, the lease is deemed to be an operating lease. Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of S1, FVA of S1, PVA of S1, FVAD of S1 and PVAD of S1) Required: 1. What will be the effect of the lease on Caf Med's eamings for the first year (ignore taxes)? Note: Enter decreases with negative sign. 2. What will be the balances in the balance sheet accounts related to the lease at the end of the first year for Cafe Med fignore taxes)? Note: For alf requirements, round your intermediate calculations and final answers to the nearest whole dollars