On January 1.2024, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year period ending December 31 , 2.027, at which time possession of the leased asset will revert bock to Aquo - The equipment cost Aqua $426,783 and has an expected economic ilfe of five years - Aqua and Maywood expect the residual value at December 31, 2027, to be $63,000. - Negotiations led to Maywood guaranteeing a $89,500 residual value. - Equal payments under the lease are $126,000 and are duc on December 31 of esch year with the first payment being made an December 31, 2024. - Maywood is aware that Aqua used a 7% interest rate when calculating lease payments. Note: Use tables, Excel, or a financial calculator. (FV or \$1, PV of \$1. FVA of \$1, PVA of \$1, EVAD 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. Journal entry worksheet 3. Record the beginning of the lease for Maywood Hydraulics. Notei Enter debits befoce credits. Journal entry worksheet Record the amortization expense for Maywood Hydraulics. Note: Enter debits before credits. Journal entry worksheet Record the lease payment and interest expense for Maywood Hydraulics. Note: Enter debits before credits