On January 3, 2022, Tropical Inc. leased a specialized piece of diagnostic equipment to Bayview Medical Clinic. Details are as follows: Cost to manufacture to Tropical $ 80,000 Normal sales price $100,000 Lease term 8 years Economic Life 10 years Residual value at the end of the lease term $20,000 Residual value at end of useful life $ 500 Lease payment (1st payment payable January 3, 2022) $16,881 Purchase option (exercisable at end of year 8) $ 2,000 Incremental borrowing rate of Bayview 12% Rate implicit in the lease 10% Assume that Tropical has reasonable assurance that Bayview will make the remaining lease payments. All costs of operating the leased equipment are borne by Bayview. Assume that both companies have a December 31st year end. Prepare the journal entries for the Lessee and the Lessor for 2022 and 2023 below. Round to the nearest dollar