MOS On January 1, 20X1. Lessor Corporation teed piece of me to come cancelable lease agreement is as follows: Lease term is equal to years Estimated economic life of the asset is equal to 8 years The lessee's incremental borrowing rate is The interest rate implicit in the lease in this is not known by the less Rent payments of $11,017 are due on January 1 of each year The cost of the asset to the lessor is $74,000 The asset's fair market value at the inception of the lease is 361.000 The residual value is assumed to be $6,200 and is guaranteed by the lessee. The lessee expects the www be worth $5,000 at the end of the lease PV Annuity Due 7% 8% Bn 6.38929 6.20637 PV $1 7% 8n 58201 54027 Required: Assume that the lease qualifies for sales-type lease treatment for Lessor Corporation and a fiance lease for Lenee Company, Prepare the entries necessary to record the lease for both companies for 20X1 and 20x2. Enter the ending balance for the lessee's liability account and lessor's receivable account on 12/31X2 Journal entries and related T accounts should be submitted on your scratch paper. The work submitted via your scratch paper must tie to the balances submitted in Canvas to receive credit for this problem. Be sure to clearly label your work on your scratch paper and the balances Yout