On January 1, 2018, Nguyen Electronics leased equipment from Nevels Leasing for a four-year period ending December 31, 2021, at which time possession of the leased asset will revert back to Nevels. The equipment cost Nevels $824,368 and has an expected economic life of five years. Nevels expects the residual value at Dece guaranteeing a $140,000 residual value. Equal payments under the lease are $200,000 and are due on December 31 of each year with the first payment being made on December 31, 2018. Nguyen is aware that Nevels used a 5% interest rate when calculating lease payments. (FV of $1. PV of St. FVA of $1, PVA of $1. FVAD of S1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the appropriate entries for both Nguyen and Nevels on January 1, 2018, to record the lease. 2. Prepare all appropriate entries for both Nguyen and Nevels on December 31, 2018, related to the lease. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate entries for both Nguyen and Nevels 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 intermediate and final answers to nearest whole dollar.) View transaction list Journal entry worksheet 112 Record the beginning of the lease for Nguyen On January 1, 2018, Nguyen Electronics leased equipment from Nevels Leasing for a four-year period ending December 31, 2021, which time possession of the leased asset will revert back to Nevels. The equipment cost Nevels $824,368 and has an expected economic life of five years. Nevels expects the residual value at December 31, 2021, will be $100,000. Negotiations led to the lesse guaranteeing a $140,000 residual value. Equal payments under the lease are $200,000 and are due on December 31 of each year with the first payment being made on are that Nevels used a 5% interest rate when calculating lease payments. (FV of $1. PV of $1. EVA $1. PVA of $1. FVAD of $1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the appropriate entries for both Nguyen and Nevels on January 1, 2018, to record the lease. 2. Prepare all appropriate entries for both Nguyen and Nevels on December 31, 2018, related to the lease. Complete this question by entering your answers in the tabs below. Required 1 Lequired 2 Prepare all appropriate entries for both Nguyen and Nevels on December 31, 2018, related to the lease. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your intermediate and final answers to nearest whole dollar.) View transaction list Journal entry worksheet Record the lease payment and interest expense for Nguyen