Eastern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021. Other information: Lease term Annual payments Life of asset Implicit interest rate PV, annuity due, 4 periods, 7% PV, ordinary annuity, 4 periods, 7% Hi-Tech's cost of the equipment 4 years $90, eee on January 1 each year 4 years 7% 3.6243 3.3872 $326,187 There is no expected residual value. Required: Prepare appropriate journal entries for Hi-Tech Leasing for 2021 and 2022. Assume a December 31 year-end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to the nearest whole dollar amounts.) View transaction list Journal entry worksheet Help View transaction list Journal entry worksheet Record the lease Note: Enter debits before credits Date General Journal Debit Credit January 01, 2021