Eastern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021. 4 years $75,000 on January 1 each year 4 years Other information: Lease term Annual payments Life of asset Implicit interest rate PV, annuity due, 4 periods, B PV, ordinary annuity, 4 periods, 8% Hi-Tech's cost of the equipment 3.5771 3.3121 $268.283 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 1 2 3 4 5 Record the lease Note: Enter debits before credits Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general journal