On November 1, 2022, your company leased equipment to another company. The lease was for four years and requires MONTHLY payments of $200.00 at theBEGINNING of each month for the next four years starting on November 1, 2022. Theimplicit interest rate was 8% and the incremental borrowing rate was 7% (and your company knew both rates). The lease includes a guaranteed residual of $500 at the end of the four year lease on October 31, 2026. The equipment cost $11,000,had a book value of $8,000, a market value of $8,610, a 5 year expected life and a $600 expected salvage value at the end of the 5 years. Prepare the entries on November 1, December 1, and December 31, 2022. Collection of the lease payments is reasonably assured. Prepare the journal entries