Exercise 15-27 (Algo) Lessee; lessee guaranteed residual value [LO15-2, 15-6] On January 1, 2024, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year period ending December 31 , 2027, at which time possession of the leased asset will revert back to Aqua. - The equipment cost Aqua $420.045 and has an expected economic life of five years - Aqua and Maywood expect the residual value at December 31, 2027, to be $57,000. - Negotiations led to Maywood guaranteeing a $80,500 residual value. - Equal payments under the lease are $114,000 and are due on December 31 of each year with the first payment being made on December 31, 2024. - Maywood is aware that Aqua used a 6% interest rate when calculating lease payments Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1, EVA of S1. PVA of \$1, EVAD or S1 and PVAD of S1) Required: 1. \& 2. Prepare the appropriate entries for Maywood on January 1, 2024 and December 31, 2024, related to the lease Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Journal entry worksheet Record the beginning of the lease for Maywood Hydraulics: Note: Enter detatu before crodes