On January 1, 2022 "Jordan Co." and "Palestine Co." sign a lease agreement, that calls for "Jordan Co." to lease a Machine to "Palestine Co." for 5 years for $ 60000 paid at the beginning of each year. Estimated economic life for the machine is 6 years. the contract guaranteed residual value of $ 15,000. Palestine co. expects that it is probable that the expected value of the residual value at the end of the lease will be $ 10,000 The machine reverts to Jordan co. at the termination of the lease. Depreciation used (straight-line method). implicit interest rate is 6%. Present value of $1 for 5 periods at 6%.747 Present value of annuity for 5 periods at 6% = 4.212 Write the journal entries recorded on January 1, 2022 Account Dr Cr Date: Write the journal entry recorded on December 31, 2022