For the lease problems, use the present value figures below. Lessee Company enters into a 6 -year lease on Januaryt. Payments of $28,000 are due at the beg inning of each year. Lessee has not g varanteed the residual value of $5000. The economic lifeof the equipment is 7 years. The incremental borrowing rathe is 7%. Prepare the joumal entries for lessee forthefirstyear.RouAsset137,4441LL104,444cash28,000Resis5,000136,79436,000.4,13600.666=22,644114800137,444 Same as a except there is a bargain purchase option for $2000