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 pu, annuity due, a periods, 108 py, ordinary annuity, 4 periods, 108 Hi-Tech's cost of the equipment 4 years $78,000 on January 1 each year 4 years 101 3.4869 3.1699 $271,978 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 en for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and fi the nearest whole dollar amounts.) View transaction list Journal entry worksheet