Peters Company leased a machine from Johnson Corporation on January 1, 2021. The machine has a fair value of $23,000,000. The lease agreement calls for four equal payments at the end of each year. The useful life of the machine was expected to be four years with no residual value. The appropriate interest rate for this lease is 8%. Other information: PV of an ordinary annuity a8% for 4 periods: 3.31213 PV of an annuity due 08% for 4 periods: 3.57710 Required: 1. Determine the amount of each lease payment 2. Prepare the journal entry for Peters Company at the beginning of the lease 3. Prepare the journal entry for the first lease payment (ignore amortization) 4. Prepare the journal entry for the second lease payment ignore amortization) Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 to 4 Determine the amount of each lease payment. (Round your answer to the nearest whole dollar amounts.) Lease payment 2 3 Record the entry for Peters Company at the beginning of the lease. Note: Enter debits before credits. Transaction General Journal Debit Credit Record the entry for the first lease payment. Note: Enter debits before credits Transaction General Journal Debit Credit Record the entry for the second lease payment. Note: Enter debits before credits. Transaction General Journal Debit Credit