Pear1 Steel Consary, as lessen, stined a lease agreement for equipment for 5 years, beginning December 31 , 2020 Annuaf rential pryments of \\( \\$ 50,025 \\) are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in settiris the payment schedule is 3\\%: Pearl's incremental borrowing rate is \5. Pearl is unaware of the rate being used by the lessor.At the end of the leave, Peart has the option to buy the equipment for \\( \\$ 5,000 \\), considerably below its estimated fair value at that time The equipment has an estimated useful life of 7 years, with no salvage value. Pearl uses the straight -line method of fepreciation on simitior owned equipinent Click here to view factor tables. (a) Prepare the journal entries, that Peari should record on December 31,2020. (Credit nccount tities dre automatically indented when omount is entered. Do not indent munually. If no entry is required, seiect \"No Entry for the account tieles and enter Ofor the amounts: Round presert value foctor calculations to 5 decinal ploces, es 125124 and the final answers to 0 decimal places eg 58971 Attempts: 2 of 3 used (b) The parts of twis question mus be completed in order. This part will be avaliahte when wou conplete the part above (b) The parts of this question must be completed in order. This part will be avallable when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above (d) The parts of this question must be completed in order. This part will be available when you complete the part above