Eastern Edison Company leased equipment from Low-Tech Leasing on January 1 2021. Low-Tech recently purchased the equipment at cost of $366.951 Other information Annual payments Life of asset Fair value of asset Implicit interest rate Incremental rate 5 years -588,000 on January 1 each year 5 years $366,951 10% sen There is no expected residual value. Required: Prepare appropriate journal entries for Low-Tech Leasing for 2021. 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 Journal entry worksheet