On January 1, 2024, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year period ending December 31 , 2027, at which time possession of the leased asset will revert back to Aqua. - The equipment cost Aqua $415,553 and has an expected economic life of five years. - Aqua and Maywood expect the residual value at December 31,2027 , to be $53,000. - Negotiations led to Maywood guaranteeing a $74,500 residual value. - Equal payments under the lease are $106,000 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. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and 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