Metlock Corporation ("Metlock") manufactures equipment with an estimated economic life of 12 years. On May 30, 2020, Metlock leases it to Gadget Corporation ("Gadget") for a period of 10 years. Assume both companies follow ASPE. Details of the lease are as follows: - Equipment has a fair value and cost at the inception of the lease: $269,243. - Guaranteed residual value: $27,000. - Annual lease payment, due at beginning of each year: $34,000. - Lease contains no renewal options and the equipment reverts to Metlock at the end of the lease. - Gadget's incremental interest rate, as well as implicit rate is 7%. - Gadget uses straight-line amortization for similar equipment that it owns. - Metlock has determined that collectibility of lease payments is reasonably predictable and that no additional costs will be incurred. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Prepare the journal entries for the lessee and lessor at May 30,2020, and at December 31,2020 , which is the year end for both the lessee and lessor. (Credit occount tities are automotically indented when the amount is entered. Do not indent manually. Round factor values to 5 decimal places, es. 1.25124 and final answers to 0 decimal ploces, eg. 5,275. If no entry is required, select "No entry" for the occount titles and enter 0 for the amounts) Lessee: Lessor: Date Account Titles and Explanation Debit Credit (To record inception of lease.) (To record collection of lease payment.) (To record interest.)