Big Cheese entered into an equipment lease on January 1, 2022. The details of the lease are as follows: Fair Value of lease $4,000 Monthly payment (first due at $500 commencement date) Lease term 12 months Incremental borrowing rate 7.5% per annum Implicit rate in the lease (readily 4.0% per annum determinable by lessee) Expected payout on residual value guarantee $2,000 REQUIRED. Assume that the Company elects to expense the lease as a practical expedient. Prepare the journal entry for January 1, 2022 (initial measurement). . Enter debits as postive (eg. 1000), credits as negative (eg. -1000). . Any accounts not applicable enter 0. . Do not use commas or $ in your answer. . Round answer to nearest dollar ACCOUNT Amount (Do not use $, commas.)