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 $431,275 and has an expected economic life of five years. Aqua expects the residual value at December 31, 2024, to be $67,000. Negotiations led to Maywood guaranteeing a $95,500 residual value. Equal payments under the lease are $134,000 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 5% interest rate when calculating lease payments. (FV of $1. 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.) General Journal Debit 1 Credit January 01, 2021 Right-of-use asset Lease payable 2 December 31, 2021 Amortization expense Right-of-use asset 3 December 31, 2021 Interest expense Lease payable Cash