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 $420,045 and has an expected economic life of flve years. - Aqua and Maywood expect the residual value at December 31, 2027, to be $57,000 - Negotiations led to Maywood guaranteeing a $80,500 residual value. - Equal payments under the lease are $114,000 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 6% Interest rate when calculating lease payments. Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1, FVA or S1, PVA of \$1, FVAD of \$1 and PVAD of \$1) Required: 1.8 2. Prepare the appropriate entrles for Maywood on January 1, 2024 and December 31, 2024, related to the lease. Note: it 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