each of the three sets of journals have three journal entries

please show work and let me know if i need to clarify

Rand Medical manufactures Iithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians Leasing purchased a Iithotripter from Rand for $2,210,000 and leased it to Mid-South Urologists Group, Inc., on January 1, 2018. (EV of $1. PV of $1, EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use approprlate fector(s) from the tables provided.) Lease Description: Quarterly lease paynents $156,361-beginning of each period S years (28 quarters) Lease tern No residual value; no purchase option Econonic 11fe of lithotripter Implicit interest rate and lessee's increnental borrowing rate Fair value of asset s years 16% $2,218,e0e Required: 1. How should this lease be classified by Mid-South Urologists Group and by Physicians' Leasing? 2. Prepare appropriate entries for both Mid-South Urologists Group and Physiclans' Leasing from the beginning of the lease through the second rental payment on April 1, 2018. Adjusting entries are recorded at the end of each fiscal year (December 31) 3. Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer, Rand Medical, which produced the machine at a cost of $1.9 milion. Prepare appropriate entries for Rand Medical from the beginning of the lease through the second lease payment on April 1, 2018. ces Complete this question by entering your answers in the tabs below. Required 2 Required 2 Lessor Required 1 Required 3 Lessee Prepare appropriate entries for both Mid-South Urologists Group and Physicians' Leasing from the beginning of the lease through the second rental payment on April 1, 2018. Adjusting entries are recorded at the end of each fiscal year (December 31). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in the millions of dollars. Round your answers to nearest whole dollars.) Show less A View transaction list View Journal entry worksheet > 1 2 Record lease. Note: Enter debits before credits Date General Journal Debit Credit January 01, 2018 Record entry Clear entry View general journal the millions of dollars. Round your answers to nearest whole dollrs.) View transaction list Journal entry worksheet 2 3 1 Record lease. Note: Enter debits before credits Debit Credit Date General Journal January 01, 2018