Peters Company leased a machine from Johnson Corporation on January 1, 2021. The machine has a fair value of $19,000,000. The lease agreement calls for five equal payments at the end of each year. The useful life of the machine was expected to be five years with no residual value. The appropriate interest rate for this lease is 12%. Other information: PV of an ordinary annuity @12% for 5 periods: 3.60478 PV of an annuity due @12% for 5 periods: 4.03735 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 Req 2 to 4 Determine the amount of each lease payment. (Round your answer to the nearest whole dollar amounts.) Lease payment Reg 1 Reg 2 to 4 Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to the nearest whole dollar.) View transaction list X: ...: > 1 Record the entry for Peters Company at the beginning of the lease. 2 Record the entry for the first lease payment. 3 Record the entry for the second lease payment. Credit Note : journal entry has been entered Record entry Clear entry View general journal