Deal Leasing leased equipment to Hand Company on January $1,2021.$ The lease payments were calculated to provide the lessor a $10\%$ return. Ten annual lease payments of $$60,000$ are due at the beginning of each year beginning January $1,2021.$ The equipment costs Deal $$380,000.$ The market value of the equipment is $$410,000.$ Required: $1.$ Prepare appropriate journal entries for Deal Leasing to record the arrangement at its commencement, January $1,2021,$ and on December $31,2021?2.$ How would Deal Leasing report the lease related accounts on their $12/31/2021$ Balance Sheet and Income Statement?