Eastern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2018. 4 years $89,000 on January 1 each year 4 years Other information: Lease term Annual payments Life of asset Implicit interest rate PV, annuity due, 4 periods, 83 PV, ordinary annuity, 4 periods, 84 Hi-Tech's cost of the equipment 3.5771 3.3121 $318, 362 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 transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.) View transaction list 1 Record the lease. > 2 Record the cash receipt for the annual payments. 3 Record the entry for the interest revenue. 4 Record the cash receipt for the annual payments. 5 Record the entry for the interest revenue. Credit