On January 1, 2021, Allied Industries leased a high-performance conveyer to Karrier Company for a four-year period ending December 31,2024 , at which time possession of the leased asset will revert back to Allied. The equipment cost Allied $958,400 and has an expected useful life of five years. Allied expects the residual value at December 31,2024 , will be $302,400. Negotiations led to the lessee guaranteeing a $342,400 residual value. Equal payments under the finance/sales-type lease are $202.400 and are due on December 31 of each year with the first payment being made on December 31, 2021. Kartier is aware that Allied used a 5% interest rate when calculating lease payments (EV of 51 . PV. of 51. EVA of 51. PVA of S1. EVAD of S1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the oppropriate entries for both Karrier and Allied on January 1, 2021, to record the lease. 2. Prepare all appropriate entries for both Karrier and Allied on December 31, 2021, related to the lease Prepare the appropriate entries for both Karrier and Allied on January 1, 2021, to record the lease. (If no entry is required transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar. Record the beginning of the lease for Karrier. Record the beginning of the lease for Allied. Prepare all appropriate entries for both Karrier and Allied on December 31, 2021, related to the lease. (If no entry is require transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) 1 Record the lease payment for Karrier. 2 Record amortization of the right-of-use asset for Karrier