Elf Leasing purchased a machine for $420,000 and leased it to IGA, Inc on January 1, 2021. Lease description: Quarterly rental payments $27,408 at beginning of each period Lease ter 5 years (20 quarters) No residual value; no BPO Econonic life of machine 5 years Teplicit interest rate and lessee's incremental borrowing rate 12% Fair value of asset $420,000 Required: Prepare appropriate entries for both IGA and Elf Leasing from the beginning of the lease through the second rental payment on April 1 2021. 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 omounts.) View transaction list Journal entry worksheet Record the payment of lease rental on equipment on January 01, 2021 in the books of IGA (Lessee). Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit Danlanta $420,000 Required: Prepare appropriate entries for both IGA and Elf Leasing from the beginning of the lease throug 2021. Amortization is recorded at the end of each fiscal year (December 31). (If no entry is requi "No journal entry required" in the first account field. Round your answers to the nearest whol View transaction list Journal entry worksheet