Eastern Edison Company leased equipment from Low-Tech Leasing on January 1, 2018. Low- Tech recently purchased the equipment at a cost of $222,664. The first payment was made at the inception, January 1, 2018. The lease is noncancelable and considered as a finance lease. Lease term Annual payments Life of asset Fair value of asset Annual interest rate Residual value 3 years $80,000 on January 1 each year 3 years $222,664 8% $0 1) Prepare all appropriate journal entries for Low-Tech Leasing the lessor) on January 1, 2018. 2) What would be the amount of the lease liability that Eastern Edison (the lessee) would report in its balance sheet after the 1st payment? 3) Prepare all appropriate journal entries for Eastern Edison (the lessee) on December 31, 2018. 4) Prepare journal entry for Low-Tech Leasing (the lessor) on January 1, 2019