For Journal entries, be sure to label debited and credited amounts, you can get partial credit if you only have the account names correct. Blue Co. signs a lease agreement on Jan 1, 2020 to lease equipment to White Co. The term of the lease is 3 years of the equipment's 8-year useful life. Payments are required at the beginning of each year for $72.000. The interest rate is 8%. The lease is accounted for as an operating type lease. Assume the equipment is carried at a cost of $464,000 and Blue uses straight-line depreciation. Prepare the following journal entries for Blue Co.: Jan 1, 2020 lease payment. Dec 31, 2020 adjusting entries for revenue and depreciation (6 points)