Benedict Production entered into an agreement to lease an equipment from Haley Electronics for 5 years from January 1, 2021. The annual lease payment is $50,000 payable at the end of each year. The implicit rate of return for this lease contract is 8%. Prepare the entries for:

- the lease agreement on January 1, 2021

- the accrued interest expense on Dec 31, 2021

- the lease payment on Dec 31, 2021