Hood lease equipment from Ford on January 1, 2019. Ford purchased the equipment from a manufacturer at a cost of$250,000, its fair value. Terms of the lease are as follows: Lease term 2 years, (8 quarterly periods) Quarterly payments, $15,000 beginning Jan 1, 2019 Economic life of asset, 5 years Interest rate charged by lessor, 10% Required: Prepare appropriate journal entries for the lessee through December 31, 2019. Appropriate adjusting entries are recorded at the end of the fiscal year