Peters Company leased a machine from Johnson Corporation on January 1, 2018. The machine has a fair value of $30,000,000. 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 @8% for 4 periods: 3.31213 PV of an annuity due @8% for 4 periods: 3.57710 Required: 1. Determine the amount of each lease payment. 2. 3. & 4. Prepare the appropriate journal entry.