Karla Salons (lessee) leased equipment from Smith Co.(lessor) on January 1, 2021, in a 10-year finance lease. The first payment was made at the inception, January 1,2021 . The lease is noncancellable. Other information. 1) Prepare all appropriate journal entries for Smith Co. (the lessor) on January 1, 2021. 2) What would be the amount of the lease liability that Karla Salons (the lessee) would report in its balance sheet after the 1st payment? 3) Prepare all appropriate journal entries for Karla Salons (the lessee) on December 31, 2021. 4) Prepare the journal entry for Smith Co. (the lessor) on January 1, 2022