Eastern Edison Company leased equipment from Low-Tech Leasing on January 1, 2024. Low-Tech recently purchased the equipment at a cost of $304,403. Other information: Lease term 5 years Annual payments $73,000 on January 1 each year Life of asset 5 years Fair value of asset $304,403 Implicit interest rate 10% Incremental rate 10% There is no expected residual value. Required: Prepare appropriate journal entries for Low-Tech Leasing for 2024. Assume a December 31 year-end. Note: 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