On January 1, 2021. Smith Industries leased equipment to a customer for a four-year period, at which time possession of the leased asset will revert back to Smith. The equipment cost Smith $350,000 and has an expected useful life of five years. Its normal sales price is $350,000. The unguarantedd residual value after four years is $30,000. Lease payments are due on December 31 of each year, beginning with the first payment at the end of the first year. The interest rate is 5%. Prepare the Journal Entry for Smith Industries on January 1,2021