On July 1, 20X1, the State of Wyoming entered into a noncancelable lease agreement for machinery. The lease has a term of ten years, which is also the economic life of the machinery. The lease calls for $10,000 annual lease payments due each July 1, beginning on July 1, 20X1. The fair market value of the machinery at the inception of the lease is $72,500. The interest rate implicit in the lease is not known to the State, but the State's incremental borrowing rate is 8%. Assume that the State uses straight line depreciation to depreciate these assets. REQUIRED: Using the attached forms, prepare all general journal entries, in good form, to record the above lease in the General Fund and the entries that would be required for the government wide financial statements for the fiscal years ending June 30, 20X2, 20X3, and 20X4. Do not make any entries required for other funds or accounts. Assume that the ultimate payments for the lease will be made out of a Debt Service Fund and that the funds required to pay the lease will be transferred from the General Fund each year. Omit explanations. Date 20X2 20X3 20X4 STATE OF WYOMING GENERAL JOURNAL GENERAL FUND FOR YEARS ENDING JUNE 30, 20X2, 20X3, 20X4 Explanation Debit Credit Date 20X2 STATE OF WYOMING GENERAL JOURNAL GOVERNMENT WIDE FINANCIAL STATEMENTS FOR YEARS ENDING JUNE 30, 20X2, 20X3, 20X4 Explanation Debit 20X3 Credit