On January 1, 2024, Maywood Hydraulics leased dniling equipment fiom Aqua Leasing for a four year petiod ending December 31. 2027. at which time possession of the leased asset will reveit back to Aqua - The equipment cost Aqua $412.184 and has an expected economic aff of five years - Aqua and Maywood expect the residual value at December at, 2027, to be $50000. - Negotiations led to Maywood guararteeing a 570000 residual value. - Equal payments under the lease are $100000 and are due on December 31 of eschynar wath the first payment being made on December 31, 2024. - Moywood is aware that Aqua used a 5% interest rate when calculating ieace paymenti. Note: Use tables, Excel, or o finencial calculntor, (FV of S1, PV of S1. EVA ot S1. EVA of S1. EVAD of S1 and PVAD otsin Required: 1. 8 2. Prepare the appropriate entues for Maywood on January 1, 2024 and December 31, 2024, related to the leose. Note. If no entry is required for a uansection/event, select "No joumbl entry required" in the frat acceunt feld. Do not round. intermediate calculations. Round your final answers to the nenest whole dollin. Journal entry worksheet: Kecord the beginning of the lease for Maywood thyeraules. Note: If no entry is required for a transoction/pvent, seiect No joumiol entry requiled in the finat ocecourit field. Do not round intermediate calculotions. Round youe find answers to the neorest whole dolint. Journal entry worksheet 1 Recore the amortitation experin for Maywood Hydcatilen Notai Eutar en os baiede predit. - Maywacd is aware that Acwas used a 5% interest rate whien calcudating lease payments: Pequired: 1. \& 2. Piepare the appropriate enthes for Maywood on Januacy 1, 2024 and Decembes 31, 2024, reiated bo the lease Note: If no entry is required for n transsction/event, select "No joumbl entry required" in the first account feld, Do not raund intermediote calculations. Round your final onswers to the nesrest whole dollac. Journal entry worksheet Record the lease poyment and interest expense for Maywood ryoraife