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 $957,600 and has an expected useful ife of five years. Allied expects the residual value at December 31,2024 , will be $301,600. Negotiations led to the lessee guaranteeing a $341,600 residual value. Equal payments under the finance/sales-type lease are $201,600 and are due on December 31 of each year with the first payment being made on December 31, 2021 Karrier is aware that Allied used a 4% interest rate when calculating lease payments. (FV of $1, PV of S1. EVA of 51. PVA of S1. EVAD ofS1 and PVAD of S1) (Use appropriate factor(s) from the tobles provided.) Required: 1. Prepore the appropriate entries for both Karrier ond Allied on January 1, 2021, to record the lease. 2. Prepare all appropriote entries for both Korrier and Allied on December 31, 2021, related to the lease