Culver Corporation ("Culver") manufactures equipment with an estimated economic life of 12 years. On May 30, 2017, Culver leases it to Gadget Corporation ("Gadget") for a period of 10 years. Details of the lease are as follows: Equipment has a fair value and cost at the inception of the lease: $217,272, Guaranteed residual value: $31,000. Annual lease payment, due at beginning of each year: $28,000. Lease contains no renewal options and the equipment reverts to Culver at the end of the lease. Gadget's incremental interest rate, as well as implicit rate is 8%. Gadget uses straight-line amortization for similar equipment that it owns. Culver has determined that collectibility of lease payments is reasonably predictable and that no additional costs will be incurred. Prepare the journal entries for the lessee and lessor at May 30, 2017, and at December 31, 2017, which is the year end for both the lessee and lessor. (If no entry is requir oth the lessee and lessor. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Part A (18 marks) Lessee: 30-May-17 31-Dec-17 Lessor: 30-May-17 31-Dec-17 Part B (6 marks) Prepare journal entries at May 30, 2018 for the lessee and lessor. Assume reversing entries are not used. (Round answers to 0 decimal places, e.g. 5,125. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Lessee: 30-May-18 Lessor: 30-May-18