On January 1, 2020, Daniels Medical leased several items of equipment under a nine-year operating lease agreement from Lewis Leasing, which routinely finances equipment for other firms at an annual interest rate of 10%. The contract calls for nine rent payments of $75,000 each, beginning January 1, 2020, the beginning of the lease, and at each December 31, thereafter. The equipment was acquired by Lewis Leasing at a cost of $540,000 (its fair value) and was expected to have a useful life of 13 years with no residual value. Both firms record amortization and depreciation annually. Required: 1. Prepare all the appropriate journal entries for the lessee from the beginning of the lease through the end of 2021. Round your answers to two decimal points 2. Prepare all the appropriate journal entries for the lessor from the beginning of the lease through the end of 2021. Round your answers to two decimal points. EC 1-What accounts and amounts will Daniels Medical report on its December 31, 2020, Income Statement, pertaining to the lease? Show calculations if applicable. EC 2 - What accounts balances will Daniels Medical report on its December 31, 2020, Balance Sheet pertaining to the lease? Show calculations if applicable