P 95 East Corp. has a fiscal yearend of December 31, The company entered into a finance lease agreement with West Leasing Ltd. on April 1, 2019. East Corp. agreed to pay West an initial payment of $10,000 on that date and annual payments of $71,081 on March 31 for the next three years to lease a piece of equipment with a fair value of $200,000. The interest rate implicit in the lease agreement is 6%. Required: 1. Prepare the journal entry to record the purchase of the equipment and assumption of the lease on April 1, 2019. 2. Prepare the lease repayment schedule as follows: East Corp. Lease Repayment Schedule A Beginning lease balance B (A x 6%)