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Assume that on January 1.2020, Elmer's Restaurants sells a computer system to Oriole Finance Co, for $900,000 and immediately leases the computer system back. The relevant information is as follows. 1. The computer was carried on Elmer's books at a value of $820,000. 2. The term of the non-cancelabie lease is 3 years titie will not transfir to Elmer s and the expected residial value af the end of the lease is $670000 all of which is unguaranteed. 3. The lease agreoment requires equal rental poyments of 5116,690 at the beginning of each year 4. The incremental berrowing rate for Elmer is 8 Elimer is iware that Oriole Finance Co, set the annual rental to insure a rate of return at 8%. 5. The computer has a fair value of 5900,000 on January 1.2020 , and an es timatrd economic life of 10 years. Prepare the joumat entries for both the lessee and the lessor for 2020 to reflect the sale and leasebackigreement. (For colculation purposes, use 5 decimal places as displayed in the foctor table provided and round onwers to 0 decimal ploces, es 5,275, Credit accourt titles are outomatically indentod when amcunt is entered, Do not indent manually Record journol entris in the arder presented in the problem. Clickbece to sirw fictor tablirs