B D E F G Problem 10. Lessor leases asset to Lessee on 1/1/2020. Lease tem is 8 years. Lease payment is $97,580.60/year with the first payment due at the inception of the lease. The lease payment includes $10,000 payment for hazard insurance and taxes that the Lessor is paying on Lessee's behalf Lessor's implicit rate is 12%dyear and this rate is known by Lessee. Required 1. Record the lease in the Lessee's books on 1/1/2020. Enter your entries below. Choose the account from the drop-down list in the yellow cell. Enter the amount of the entry in the green box. Entries by Lessee at inception of lease on 1/1/2020: Account Debit Credit 1 1 1 1 2. Redo #1 assuming that the $10.000 paymentis for an annual service contract on the leased asset) rather than hazard insurance and taxes. Enter your entries below. Choose the account from the drop-down list in the yellow cell. Enter the amount of the entry in the green box. Account Debit Credit N N N N N