On January 1, 2024, Ghosh Industries leased a high-performance conveyer to Karrier Company for a four-year period ending December 31, 2027, at which time possession of the leased asset will revert back to Ghosh. - The equipment cost Ghosh $956.000 and has an expected useful tife of five years. - Ghosh expects the residual value at December 31, 2027, will be $300,000. - Negotiations led to the lessee guaranteeing a $340,000 residual value. - Equal payments under the finance or sales type lease are $200,000 and are due on December 31 of each year with the first payment being made on December 31,2024. - Karrier is aware that Ghosh used a 5% interest rate when calculating lease payments. Note: Use tables, Excel, or a financial colculator. (EV of \$1, PV of S1. EVA of \$1. PVA of S1. EVAD of S1 and PVAD of S1) Required: 1. Prepare the appropriate entries for both Karrier and Ghosh on January 1, 2024, to record the lease. 2. Prepare all appropriate entries for both Karrier and Ghosh on December 31,2024 , related to the lease