Elf Leasing purchased a machine for $460,000 and leased it to IGA, Inc. on January 1, 2021. $35,554 at beginning of each period 4 years (16 quarters) 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 4 years 12% $460,000 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 amounts.) View transaction list Journal entry worksheet Record the payment to be made for acquisition of right to control the use of the equipment with a fair value of $460,000 in the books of IGA (Lessee). Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal 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. General Jou nal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal Journal entry worksheet Record the payment of lease rental on equipment on April 01, 2021 in the books of IGA (Lessee). Note: Enter debits before credits. General Journal Debit Credit 13 Date April 01, 2021 Record entry Clear entry View general journal Journal entry worksheet Record the lease rental to be received for the lease of equipment with a fair value of $460,000 in the books of Elf(Lessor). Note: Enter debits before credits. General nal Debit Credit Date January 01, 2021 + Record entry Clear entry View general journal Journal entry worksheet Record the receipt of lease rental on equipment on January 01, 2021 in the books of Elf(Lessor). Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal Journal entry worksheet