ch 15 leases i Help 17 The lease agreement and related facts indicate the following: a. Leased equipment had a retail cash selling price of $400,000. Its useful life was flive years with no residual value. b. The lease term is Six years and the lessor paid $315,000 to acquire the equipment (thus, selling profit). c. Lessor's implicit rate when calculating annual lease payments was 8%. d. Annual lease payments beginning January 1, 2018, the beginning of the lease, were $80,117 e. Incremental costs of commissions for brokering the lease and consummating the completed lease transaction incurred by the 10 points lessor were $8,500 Required 1.&2. Prepare the appropriate entries for the lessor to record the lease and the initial payment at its commencement and any entrys) necessary at December 31, 2018, the fiscal year-end. (Round your intermediate and final answers to the nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the lease including the initial payment. General Journal Debit January 01, 2018 17 of 21Next