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, 4 periods, 89 PV, ordinary annuity, 4 periods, B? Hi-Tech's cost of the equipment 4 years $72,000 on January 1 each year 4 years 88 3.5771 3.3121 $257,551 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 X 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. Record the entry for the interest revenue. 5 Credit Note : = journal entry has been entered Record entry Clear entry View general Journal