Peters Company leased a machine from Johnson Corporation on January 1,2021 . The machine has a fair value of $17,000,000. The lease agreement calls for three equal payments at the end of each year. The useful life of the machine was expected to be three years with no residual value. The appropriate interest rate for this lease is 12% Other information: PV of an ordinary annuity @12\% for 3 periods: 2.40183 PV of an annuity due@12\% for 3 periods: 2.69005 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. Determine the amount of each lease payment. (Round your answer to the nearest whole dollar amounts.)