On January 1, 2021, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year period ending December 31, 2024, at which time possession of the leased asset will revert back to Aqua. The equipment cost Aqua $426,783 and has an expected economic life of five years. Aqua and Maywood expect the residual value at December 31, 2024, to be $63,000. Negotiations led to Maywood guaranteeing a $89,500 residual value. Equal payments under the lease are $126,000 and are due on December 31 of each year with the first payment being made on December 31, 2021. Maywood is aware that Aqua used a 7% interest rate when calculating lease payments (FV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Required: 1. & 2. Prepare the appropriate entries for Maywood on January 1, 2021 and December 31, 2021, 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 final answers to the nearest whole dollar.) Answer is not complete. No 1 Date January 01, 2021 General Journal Debit Credit Right-of-use asset Lease payable 2 December 31, 202 Amortization expense Right-of-use asset 3 December 31, 202 Interest expense Lease payable Cash 00 000 View transaction list View journal entry worksheet 1 Record the beginning of the lease for Maywood Hydraulics. Record amortization of the right-of-use asset for Maywood Hydraulics.. 3 Record the lease payment for Maywood Hydraulics