Elf Leasing purchased a machine for $500,000 and leased it to IGA, Inc. on January 1, 2021. Lease description: Quarterly rental payments $32,629 at beginning of each period Lease term 5 years (20 quarters) No residual value; no BPO Economic life of machine 5 years Implicit interest rate and lessee's incremental borrowing rate 12% Fair value of asset $500,000 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 quarterly. Round your answers to the nearest whole dollar amounts