Eastern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2018 Other information: Lease term Annual payments Life of asset Implicit interest rate PV, annuity due, 5 periods, 7% PV, ordinary annuity, 5 periods, 7% Hi-Tech's cost of the equipment 5 years $79,000 on January 1 each year s years 7% 4.3872 4.1002 $346,589 There is no expected residual value Required Prepare appropriate journal entries for Hi-Tech Leasing for 2018 and 2019. Assume a December 31 year-end. (If no entry is required for a trensaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.) View transaction list Journal entry worksheet 4 Record the lease. Note: Enter debits before credits Date General Journal Debit Credit