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Er Leasing purchased a machine for $450,000 and leased it to IGA, Inc. on January 1, 2021 5 1.29,366 at beginning of each period 5 years (20 quarters) Quarterly rental payments Lease term No residual value; no tipo Economic life of machine Implicit interest rate and lessee's incremental borrowing rate Fair value of asset 02 5 years 12% $450,000 Required: 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 at the end of each fiscal year (December 31) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.) View transaction list View journal entry worksheet Ho 1 450,000 January 01, 2021 Right-of-use asset Lease payable 450.000 2 January 01, 2021 29,366 Lease payable Cash 29,366 3 April 01, 2021 Interest expense Lease payable Cash 12,619 16,747 29,366 4 January 01, 2021 450,000 Lease receivable Equipment 450.000 5 January 01, 2021 Cash 29,366 Lease receivable 29,366 6 April 01, 2021 29,366 Cash Lease receivable Interest revenue 16.747 12.619