On December 31, 2021 Your Co. leases equipment to another company. The equipment has a fair value of $50,000 and the cost to Your Co. was $20,000. The lease is 7 years and the implicit rate is 4%. The guaranteed residual value is $5,000. How much should the yearly lease payments be if they are paid at the beginning of the lease year? Assume this is a Sales-Type Lease. What are the journal entries needed on December 31, 2021? What are the journal entries needed on December 31, 2022? Assume instead the residual value is not guaranteed: How much should the yearly lease payments be? What are the journal entries needed on December 31, 2021? Same original problem: On December 31, 2021 Your Co. leases equipment to another company. The equipment has a fair value of $50,000 and the cost to Your Co. was $20,000. The lease is 7 years and the implicit rate is 4%. The guaranteed residual value is $5,000. Assume this is an Operating Lease and the asset has a useful life of 10 years. What are the journal entries needed on December 31, 2021? What are the journal entries needed on December 31, 2022?