Eastern Edison Company leased equipment from Low-Tech Leasing on January 1, 2018. Low-Tech recently purchased the equipment at a cost of $213,369 Other information: Lease term Annual payments Life of asset Fair value of asset 3 years $78,000 on January 1 each year 3 years $213,369 10% 10% Implicit interest rate Incremental rate There is no expected residual value. Required: Prepare appropriate journal entries for Low-Tech Leasing for 2018. 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 Record the entry at the inception of the lease Note: Enter debits before credits Date General Journal Debit Credit January 01, 2018