On January 1, 2021, Nguyen Electronics leased equipment from Nevels Leasing for a four-year period ending December 31, 2024, at which time possession of the leased asset will revert back to Nevels. The equipment cost Nevels $853,031 and has an expected economic life of five years. Nevels expects the residual value at December 31, 2024, will be $114,000. Negotiations led to the lessee guaranteeing a $168,000 residual value. Equal payments under the lease are $214,000 and are due on December 31 of each year with the first payment being made on December 31, 2021. Nguyen is aware that Nevels used a 7% 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. Prepare the appropriate entries for both Nguyen and Nevels on January 1, 2021, to record the lease. 2. Prepare all appropriate entries for both Nguyen and Nevels on December 31, 2021, related to the lease Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate entries for both Nguyen and Nevels on January 1, 2021, to record the lease. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Record the beginning of the lease for Nguyen. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Required 1 Required 2 Prepare the appropriate entries for both Nguyen and Nevels on January 1, 2021, to record the lease. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Record the beginning of the lease for Nevels. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Required 1 Required 2 Prepare all appropriate entries for both Nguyen and Nevels on 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 intermediate and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet