Big Bucks leased equipment to Shannon Company on July 1, 2021. The lease payments were calculated to provide the lessor a 9% return. Eight annual lease payments of $27.000 are due each July 1, beginning July 1 2021. (FV of $1 PV of $1 EVA of $1. PVA of $1 EVAD of $1 and PVAD of 50 (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entries to record the lease by Shannon at July 1, 2021, and at December 31, 2021, the end of the reporting period. Consider this to be a finance lease. 2. Prepare the journal entries to record the lease by Shannon at July 1, 2021, and at December 31, 2021, the end of the reporting period. Consider this to be an operating lease. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the lease by Shannon at July 1, 2021, and at December 31, 2021, the end of the reporting period. Consider this to be a finance lease. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.) View transaction list Journal entry worksheet 2 3 4 Record the lease. Note: Enter debits before credits. Date General Journal July 01, 2021 Debit Credit