On January 1 2018. Allied Industries leased a high-performance conveyer to Karrier Company for a four-year period ending December 31, 2021, at which time possession of the leased asset wil revert back to Allied. The equipment Cost Allied $929.000 and has an expected useful life of five years. Allied expects the residual value at December 31, 2021. will be $313.000 Negotiations led to the lessee guaranteeing a $366,000 residual value. Equal payments under the finance sales-type lease are $213.000 and are due on December 31 of each year with the first payment being made on December 31, 2018. Karrier is aware that Allied used a 6% interest rate when calculating lease payments of SLEV of $1. EVA of $1. PVA of $1. EVAD of S1 and PVAD of $1) (Use appropriate factor(s) from the tables provided) 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 Answer is not complete Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare all appropriate entries for both Karrier and Allied on December 31, 2018, related to the lease not e for a transaction/event, select "No journal entry required in the first account held Round your answers to nearest whole dollar) d No General Journal Debit Credit Date December 31 201 Lease payable Interest expense 616983 December 31 201 Amortuation expense Right-of-use assot @@ December 31 2011 Cash @@