Crest Industries leased store furnishings from Santa Fe Leasing on January 1 of the current year. Santa Fe had purchased the furnishings from Steelman Enterprises for $700,000. Other information: There is no expected residual value or bargain purchase option Assume that depreciation expense is computed at December 31 of each year. Required: Prepare the appropriate entries for Santa Fe Leasing through the second payment of the lease. Show- how Santa Fe Industries will present this lease on its financial statements at December 31