On January 1. 2018, Allied Industries leased a high performance coveyer to Karrier Company for a four year period ending Dece 31, 2021, at which time possession of the leased asset will revert back to Allied The equipment cost Allied $956,000 and has an expected useful life of five years Alle lessee guaranteeing a $340000 residual value. IEV of S1. PY of $1, FVA of S1. PVA of $1. EVAD of S1 and PVAD of $ (Use appropriate d expects the residual value at December 31, 2022, will be $300,000 Negotiations led to the factor(s) from the tables provided) Equal payments under the finance/sales-type lease are $200,000 and are due on December 31 of each year with the first p being made on December 31, 2018 Karriet is aware that Allied used a 5% interest rate when calculating lease payments Required 1. Prepare the appropriate entries for both Karrier and Allied on January 1, 2018, to record the lease 2. Prepare all appropriate entries for both Karrier and Allied on December 31, 2018, related to the lease Complete this question by entering your answers in the tabs below Required 1 Required 2 appropriate entries for both Karrier and Allied on January 1, 2018, to record the lease. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar. Round your answers to nearest whole dollar.)