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Diablo Company leased a machine from Juniper Corporation on January 1, 2016. The machine has a fair value of $28,000,000. The lease agreement calls for

Diablo Company leased a machine from Juniper Corporation on January 1, 2016. The machine has a fair value of $28,000,000. The lease agreement calls for five equal payments at the end of each year in the amount of $7,012,781. The useful life of the machine was expected to be five years with no residual value. The appropriate interest rate for this lease is 8%. Required: Prepare the appropriate journal entry

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