Elf Leasing purchased a machine for $400,000 and leased it to IGA, Inc. on January 1, 2018 Lease description: Quarterly rental payments Lease term No residual value; no BPO Economic life of machine Implicit interest rate and lessee's incremental borrowing rate Fair value of asset $30,917 at beginning of each period 4 years (16 quarters) 4 years 12% $400,000 Required Prepare appropriate entries for both IGA and Elf Leasing from the beginning of the lease through the second rental payment on April 1 2018. Amortization is recorded at the end of each fiscal year (December 31). (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 4 6 Record the entry to lease machine from Elf on January 1, 2018 Note: Enter debits before credits Date General Journal Debit Credit January 01, 2018