onnect.htm The Student Hub Text.. Connect part two homework Saved On January 1, 2018, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year period ending December 31 2018, at which time possession of the leased asset will revert back to Aqua. The equipment cost Aqua $412,184 and has an expected economic life of five years. Aqua expects the residual value at December 31, 2018, to be $50,000. Negotiations led to Maywood guaranteeing a $70,000 residual value Equal payments under the lease are $100,000 and are due on December 31 of each year with the first payment being made on December 31, 2018. Maywood is aware that Aqua used a 5% interest rate when calculating lease payments. (FV of $1, PV Of S1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Required . & 2. Prepare the appropriate entries for Maywood on January 1, 2018 and December 31, 2018, related to the lease (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the lease nayment and interest expense for Maywood Hydraulics