Lotsa Bucks leased equipment to Shannon Company on January 1, 2021. The lease payments were calculated to provide the lesso 10% return. Ten annual lease payments of $20,000 are due at the beginning of each year beginning January 1, 2021 The present value of an annuity due of $1 at 10% for ten periods is 6.75902 Required: 1. Prepare the journal entries to record the lease by Shannon at January 1, 2021, and at December 31, 2021. the end of the reporting period. Consider this to be a finance lease. 2. Prepare the journal entries to record the lease by Shannon at January 1, 2021, and at December 31, 2021. the end of the reporting period. Consider this to be an operating lease Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the lease by Shannon at January 1, 2021, and at December 31, 2021, the end of the reporting period. Consider this to be a finance lease. (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 Date No Debit General Journal Credit 1 135,180 January 01, 2021 Equipment Cash 20,000 115 180 Lease expense Require Required 2 >