Ma leased a radiology machine from Rowe Leasing on January 1, 2020. Rowe paid $700,000 for the machine; its fair value being $700,000. Terms of the lease are: A. 3 years ( 6 semiannual payments of $115,000 each) B. Payments are due the beginning of each period with the first payment due Jan. 1, 2020. C. The economic life of the asset is 5 years. D. The interest rate is 12%. Required: 1. Prepare the appropriate journal entries for both Ma and Rowe at the beginning of the lease. 2. Prepare the appropriate journal entries for both Ma and Rowe on July 1, 2020 and December 31, 2020