Current Attempt in Progress Laura Leasing Compary signs an agreement on January 1.2020, to lease equlpenent to Shysong Company The following information relates to this agreement. 1. The term of the non-cancelabie lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 vears. 2. The far value of the aset ot January 1.2020 is 570.000 a. The abet will revert to the lespor at the end of the lease term.at which time the asset is expected to hame a residuat yalue of 57,000, none of whidi is evaranterd. 4. The agreement requires equat annuai rental nwments of $21,82758 to the leswo, beginningon danuary 1, 2020 5. The lewsed sincremental borrewine rate is 4%. The lessors implicit rate is 3% and is unlown to the lessee 6. Shvore uses the straleht+line depreciaton method for all equipment. Click bere to view foctor tabiet. Prepare all of the lournal entries for the lessee for 2020 to record the loate agreement, the lease payments and all expenses related to this leave, Aspume the lestee's annual accounting period ends on December 31 . (For calculation purposes, use 5 decimal placer as when the amount is entered Do not indent inarually Record joumbl entriei in the crder presented in the problem. Click here to view factor tables. Prepare all of the journal entries for the lessee for 2020 to record the lease agreement, the lease payments. and all expenses related to this lease Assume the lessee's annual accounting period ends on December 31. (For colculation purposes, use 5 decimal places as displayed in the foctor table provided and round answers to 2 decimal places, es 5,265.25. Credit occount titles are automatically indented when the amount is entered, Do not indent manually. Recond joumal entries in the order presented in the problem]