On January 1, 2024, Maywood Hydraulics leased driling equipment from Aqua Leasing for a four-year period ending December 31. 2027 at which time possession of the leased asset wall revert back to Aqua - The equipment cost Aqua $427,906 and has an expected economic life of five years - Aqua and Maywood expect the residual value at December 31, 2027, to be $64,000. - Negotiations led to Maywood guaranteeing a $91,000 residual value - Equal payments under the lease are $128,000 and are due on December 31 of each year with the first payment being made on December 31, 2024 - Maywood is aware that Aqua used a 5% interest rate when calculating lease payments. Note: Use tables, Excel, or a financial calculator. (EV of \$1, PV of \$1. FVA of \$1, PVA of S1, PVAD of S1 and PVAD of S1) Required: 1. \& 2. Prepare the appropriate entries for Maywood on January 1,2024 and December 31, 2024, related to the lease. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar