On January 1 2021. Maywood Hydraulics leased drilling equipment from Aqua Leasing for a five-year period ending December 31, 2024, at which time possession of the leased asset will revert back to Aqua. The equipment cost Aqua $422.291 and has an expected economic life of six years. Aqua expects the residual value at December 31, 2024 to be $59,000. Negotiations led to Maywood guaranteeing a $83,500 residual value. Equal payments under the lease are $118,000 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 6% Interest rate when calculating lease payments. (FV of S1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1 (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.) View transaction list Journal entry worksheet Record the beginning of the lease for Maywood Hydraulics. Notat fer debts before credit Date General Journal Debit Croat January 01, 2021 1. & 2. Prepare the appropriate entries for Maywood on January 1, 20 the lease. (If no entry is required for a transaction/event, select "N account field. Round your final answers to the nearest whole dolla View transaction list X 1 Record the beginning of the lease for Maywood Hydraulics. 2 Record amortization of the right-of-use asset for Maywood Hydraulics.. 3 Record the lease payment for Maywood Hydraulics. Credit Note : Journal entry has been entered Record entry Clear entry View general jou