Current Attempt in Progress Shamrock Corporation ("Shamrock) manufactures equipment with an estimated economic life of 14 years. On May 30, 2020, Shamrock leas- Corporation ("Gadget") for a period of 10 years. Assume both companies follow ASPE. Details of the lease are as follows: Equipment has a fair value and cost at the inception of the lease: $199,562. Guaranteed residual value: $40,000. Annual lease payment, due at beginning of each year: $29.500. Lease contains no renewal options and the equipment reverts to Shamrock at the end of the lease. Gadget's incremental interest rate, as well as implicit rate is 12%. Gadget uses straight-line amortization for similar equipment that it owns. Shamrock has determined that collectibility of lease payments is reasonably predictable and that no additional costs will be incurred Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Tur answer is partially correct. Prepare the journal entries for the lessee and lessor at May 30, 2020, and at December 31, 2020, which is the year end for both the lessee and lessor Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round factor values to 5 decimal places, s. 125124 and final answers to O decimal places, e.g. 5,275. If no entry is required, select "No entry for the account titles and enter for the amounts.) Lessee: Date May 30,2020 Account Titles and Explanation Equipment under Lease Credit Debit 199562 199562 Inventory (To record inception of lease.) Obligations under Lease 29500 29500 Cash (To record lease payment.) Interest Expense Dec 31, 2020 (To record interest.) Depreciation Expense Accumulated Depreciation - Leased Equipment (To record depreciation expense.)