Lotsa Bucks leased equipment to Shannon Company on January 1, 2021. The lease payments were calculated to provide the less 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 675902 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 21, 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 transactioni/event, select "No journal entry required in the firs account field. Round your answers to the nearest whole dollar amounts.) View transaction list Journal entry worksheet 3 4 2